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

Daily NFT trade volume on OpenSea is reportedly down by some 80% and it could signify what media calls 'the great NFT sell-off'

@DeekeTweak
Published Tue, Mar 15 2022 10:32 AM CDT   |   Updated Mon, Apr 11 2022 10:07 PM CDT

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".

NFT sales plummet by 80% and trigger the 'great NFT sell-off' 7544 | TweakTown.com
VIEW GALLERY - 2 IMAGES

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.

NFT sales plummet by 80% and trigger the 'great NFT sell-off' 2 | TweakTown.com

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.

NEWS SOURCE:ft.com

Derek joined the TweakTown team in 2015 and has since reviewed and played 1000s of hours of new games. Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

Newsletter Subscription

Related Tags

Newsletter Subscription
Latest News
View More News
Latest Reviews
View More Reviews
Latest Articles
View More Articles