Daily trade volumes on OpenSea, the leading NFT platform globally, have dropped by 99% between the start of May and end of August 2022 as NFT winter continues to bite.
On the same date of May 1, the price of the major cryptocurrency bitcoin was $37,820 with a daily trading volume of over $20.9 billion. At the time of writing bitcoin price is $20,192, indicating a decline of 46.6%, despite a higher trading volume at $29 billion.
At the same time, the total cryptocurrency market capitalization has dropped from $1.73 trillion in May 2022 to $979 billion at the time of writing.
Non-Fungible tokens (NFTs), which blew into popularity in mid-2021, are now facing the brunt of the declining fortunes in crypto as epitomized by the drop on the leading NFT sales platform.
According to data from several services tracking activity on exchanges, we can see that on May 1 2022, OpenSea did $405.75 million transactions on that single day. However, the latest data shows $8.07 million on 27th August.
Besides the value of transactions, the other key metrics have also dropped significantly in the last 3 months as indicated on the following dashboard:
When it comes to the overall market capitalization of NFTs, it stands at $2.1 billion at the time of writing, which is an increase of 49% from 3 months ago, based on data from CoinMarketCap.
At the same time, overall sales volumes have increased by 47.94% to $302 billion, while total daily sales have risen by 2.79% to 367,212.