OpenSea Daily Trading Volume Down by Over 70% Compared to August Peak – Has the NFT Bubble Burst.
11 Sep 2021, 08:00
OpenSea Daily Trading Volume Down by Over 70% Compared to August Peak – Has the NFT Bubble Burst?
After a period of extreme market congestion that extended for over a month, the hype around NFTs is showing signs of weakness. With each passing day, activities on the leading NFT marketplace are declining, raising the question of whether the NFT bubble has burst.
OpenSea, the NFT marketplace responsible for around 98% of the market volume, processed over $322 million worth of transactions on August 29. Comparatively, the firm processed a hamble of $20 million for the whole of 2020.