The NFT Boom Is Over — Trading Volume on OpenSea Falls 99%
It was all just a get-rich-quick scheme, wasn’t it?
At its peak in May 2021, NFT marketplace OpenSea processed a record $2.7 billion in NFT transactions.
Fuelled by a crypto bull run, tales of unfathomable riches and a huge slice of FOMO, the Bored Apes, Crypto Punks and plenty of absolute JPEG-format trash projects were flying off the virtual shelves, getting sucked up by retail investors and celebrities alike in a frenzied scramble.
But, over 12 months later, those same shelves are overflowing, and a backlog of stock is forming in the warehouses too. I’ve been writing on the decline, which started to gather pace in March. The bubble was close to bursting in May and continued to hover over the pinprick for June.
Well, the boom has finally gone bust
That bubble has crashed down onto the point, suffered a puncture, and the slow deflation has begun. Earlier this week, on Aug 28, OpenSea recorded just $9.34 million worth of transactions.
From that euphoric high of $2.7 billion, $9.34 million represents a spectacular decline of 99%.
