Decreases By 50% the Volume of NFT Transactions

Decreases By 50% the Volume of NFT Transactions

Alert for NFT! Decreases by 50% the volume of NFT transactions. Keep reading to find out all the reasons why this is happening. Keep reading for more details. 

Alert for NFT! Decreases by 50% the volume of NFT transactions. Keep reading to find out all the reasons why this is happening. Keep reading for more details. 

After a colossal sales volume increase of $4 billion during the month of August for the leading market for non-fungible tokens, or NFT, OpenSea, recent figures indicate a metaphorical return to earth after a propulsion to the mighty heights of the moon.

The NFT markets have largely paralleled the bearish momentum seen in the cryptocurrency markets over the past week as platforms, collections, and floor prices undergo corrections.

After a colossal sales volume increase of $4 billion during the month of August for the leading market for non-fungible token

Analytical data from DappRadar reveals that over the last seven-day period, sales volume on OpenSea has dropped dramatically by almost 50% to $792.23 million from a pool of 156,811 traders, 10% less than that registered during the last week.

Despite this short-term correction, OpenSea still maintains a dominant position over its closest competitors Axie Infinity and CryptoPunks on the volume metric at $ 158.24 million and $ 45.92 million, respectively.

Conscious of not skewing the bearish narrative, it should also be noted that by using the same dataset and expanding the scope over a 30-day period, it can be fairly assessed that OpenSea shows no signs of long-term decline. with a positive volume figure of 336.94%.

In a momentary mishap this week, a platform bug affecting transfers from ERC721 to ENS names accidentally erased a small number of users' NFT assets totaling $ 100,000. It is understood that the incident was resolved quickly and the funds were returned.

Over the last seven-day period, sales volume on OpenSea has dropped dramatically by almost 50% to $792.23 million

Last week, the platform issued a guerilla-style recruiting post, stating that they will generously donate 1 Ethereum (ETH) token to any member of the public who refers a potential engineer or designer to the firm and progresses to become a successful candidate. 

In the statement, Product Manager Nate Chastain stated, "We are 37 people who handle 98% of all NFT volume" and that the company is "in dire need of manpower."

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