NFT sales on OpenSea dropped by 70%

The daily trading volume has dropped to $70 million

09.03.2022 - 14:00

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2 min

What’s new? According to the Delphi Digital research platform, NFT’s largest trading platform, OpenSea, saw a 70% drop in demand for non-fungible tokens and a decline in trading volumes. Daily volumes fell to $70 million.

Source: Twitter.com

How did NFT achieve popularity? A combination of branding and marketing, including collaborations with Adidas, BAYC, Nike, RTFKT, contributed to the first wave of the tokens’ popularity. However, after the promotions slowed down, the current NFT situation has fallen into decline, according to the analysts at Delphi Digital.

What had happened before? From late December 2021 to early February 2022, the NFT market saw a significant increase in traffic and search interest in Google. OpenSea’s daily trading volume reached around $250 million. Global search queries for “NFT” are declining, dropping to levels seen in early November 2021. The downward interest in tokens has had an impact on lower transaction fees on the Ethereum network.

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