OpenSea, the world's oldest and largest NFT marketplace, recorded a daily trading volume below $1M to around $837,000 on June 25. The long crypto winter doesn’t seem to be showing any signs of improvement causing much stress to the NFT market as well.
Compared to the common sentiment that NFTs have surged in popularity, the daily trading volume shows buyers are now least interested in investing money in NFTs.
The falling crypto prices have brought so much loss to NFT holders because an NFT that cost millions of dollars a year ago, is now only worth a few thousand.
In comparison to this, OpenSea had recorded a $4.86 billion trading volume for January this year but the trading volume has been dropping since then.
According to CoinMarketCap, the overall market cap for the NFT industry has dropped by 8.83% with only $7M daily sales volume for all marketplaces.
Highest charting NFT projects like Bored Ape Yacht Club, CryptoPunks, and World of Women have lost a massive amount of sales volume.
The recent reports show traders are now more interested in buying cheap NFTs instead of blue-chip NFTs, which might indicate a drastic change in the digital collectible trends.
The NFT market and OpenSea are expected to recover after BTC prices show a bullish movement.