NFT sales plummet by 80% and trigger the 'great NFT sell-off'

Daily NFT trading volume is down by 80% on digital marketplace OpenSea, the world's largest NFT trading platform, triggering what the media calls "the great NFT sell-off".

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According to data gleaned by FinancialTimes, the daily trade volume for NFTs on OpenSea has dropped by 80% to $50 million throughout March, as opposed to the $284 million in trade volume reached in February.

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NFT tracker DappRadar likewise shows an overall drop in traders and volume on OpenSea. Overall trading volume for the past 30 days has dropped by over 67% to $2.6 billion (by all means an incredible number that is more than some games companies earn every year) with traders also dropping some 23% to 489,796 users.

What's most interesting is that even during the "great NFT sell-off" there are still multiple millions of dollars and cryptocurrency changing hands-on a daily basis on OpenSea. On average, people are still spending thousands and hundreds of thousands worth of cryptocurrency on NFTs, but data suggests that this craze may be slowing down.