OpenSea’s NFT Volume Declines 50% After Record-Breaking Surge

Divya  |  Sep 11, 2021

The recent market-wide correction has pushed OpenSea's NFT sales down by 50%. According to recent figures, the NFT marketplace has registered a huge loss in demand over the last week, with a 9.3% dip in the number of traders and a 52.3% pullback in trading volume. 

OpenSea's NFT Volume Records 50% Decline After Historic Surge

NFT marketplaces have largely mimicked the downward trend observed in cryptocurrencies this week. One such marketplace, OpenSea, has shaved off over 50% of its trade volume gains, which topped $4 billion last month.

According to the analytics website DappRadar, sales on the platform have decreased sharply by around 52.3% to $738.9 million in the last week. This represents a 10% fall from the previous week’s sales volume.

That being said, OpenSea has maintained its dominant position in the market, leaving behind its closest competitors Axie Infinity and CryptoPunks by a huge margin. The two marketplaces registered sales worth $153.43 million and $42.25 million respectively. 

While the short-term dataset may imply an ongoing bearish sentiment, figures from the last 30 days don’t support that narrative. Overall, OpenSea has registered a 319% jump in sales volume, while CryptoPunks continued to be one of its highest-selling collections. Loot tokens were also an exception to the general trend of decline, but they were part of a $70,000 airdrop last week. 

Platform Bug Deletes User NFTs Worth $100K

Earlier this week, a small number of users on OpenSea were affected by a bug that deleted NFTs worth $100,000. The issue was disrupting ERC721 transfers from ENS account to personal accounts. Fortunately for the users, the matter was resolved the same day, although a total of 42 NFTs were burned before that. 

As a growing crypto unicorn, OpenSea is taking aggressive measures to scale up its workforce. Last week, the company said that it would give 1 Ether token to anyone for successful referrals.

“We need to ramp up hiring at OpenSea. We are 37 people handling 98% of all NFT volume. Referral bonus: Will pay 1 ETH to anyone who connects us to engineers or designers that we hire,” Opensea’s head of product Naste Chastain wrote on Twitter.

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