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OpenSea: New launches within the ‘Open’ end sea have a neutral effect this month

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The top NFT marketplace by volume, OpenSea has had a difficult start to this year. Trading volume saw a plummeting figure, rather than a concerning one.

After some not-so-impressive figures in August, could September bring in fresh air for the struggling platform?On 28 August, OpenSea processed $9.34 million in NFT (non-fungible token) transactions, well below its 1 May peak of $2.7 billion, according to data from decentralized applications tracker DappRadar.

At the time of writing, the monthly volume figure barely saw any change as it stood at $9 million.Source: DappRadarWhile January 2022 remained the platform’s all-time high, OpenSea reached a rather low figure this month.

September’s figure was an 85% decrease year-over-year. It was also a 13% dip from August’s $529 million in 2022.Meanwhile, the number of users also plummeted to a mere 22,140 in August end to 27,000 in September from nearly 60,000 in January 2022.Source: Dune AnalyticsThe slowdown in NFT transactions on OpenSea came amid warnings of a crypto winter in the second half of the year.

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