OpenSea Daily Active User Volume Drops 30%, NFT Prices Misfire As A Result

0
170
opensea
opensea

OpenSea closed out over $1.3 billion in sales in the last seven days, yet the number of daily active users on the platform dropped by more than 30%.

While it seems OpenSea is keeping pace with January’s total volume of $5 billion by generating over $1.3 billion in total volume in the last 7 days, the number of active users has decreased by more than 30% according to data from Dune Analytics.

The closest rival to the marketplace is LooksRare has generated approximately $3.49 billion in the last 7 days, but persistent issues of wash-trading have also decreased its active trader count by 3%.

There are a few factors that could be influencing OpenSea’s overall decrease in volume and drop-off in active traders. After all, nothing lasts forever. However, the NFT market doesn’t fail to surprise either.

Factors That Influenced OpenSea’s Decrease In Volume

Hape Prime took the top spot. Hape Prime, a collection of 8,200 3D fashion-forward apes, entered the scene and took the top spot in the last 7 days for total volume transacted. The project netted over $13.6 million in total sales and has made quite an impression on investors. Whether this impression was good or bad is another story. 

Wavering anticipation impacted KaraFuru’s price. Since its launch on February 4th, KaraFuru has steadily maintained an average 4 Ether floor ($12,506.36) and the small collection of 5,555 has 4,000 owners according to data from crypto scam. 

Holders seem to be awaiting its reveal on February 10, which could be why the daily average price of sales has been seeing a recent uptick.