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".
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 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.
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