Market Bubble

OpenSea, the world’s largest nonfungible token (NFT) marketplace, has witnessed a substantial drop in daily volumes as fears about a potential market bubble grow. OpenSea volume plummets to yearly lows Notably, the marketplace processed nearly $5 million worth of NFT transactions on Aug. 28 — approximately 99% lower than its record high of $405.75 million on May 1, according to DappRadar. OpenSea users, volume, and transactions statistics. Source: DappRadar The massive declines in daily volumes coincided with equally drastic drops in OpenSea users and their transactions, suggesting that the value and interest in the blockchain-based collectibles have diminished in the recent months. That is further visible in the falling floor prices — the minimum amount one is ready to pay for an NF...