OpenSea, the world’s largest nonfungible token (NFT) marketplace, has witnessed a substantial drop in its daily trading volumes. Data from DappRadar revealed that the marketplace processed nearly $5 million worth of NFT transactions on August 28, approximately 99% lower than its record high of $405.75 million on the 1st of May.
The massive decline in daily volumes comes at a time when there is a drastic drop in OpenSea’s users and their transactions, suggesting that the value and interest in the blockchain-based collectibles have diminished in recent months.
That is further visible in the falling floor prices, which is the minimum amount one is ready to pay for an NFT, of leading digital collectible projects. As an example, the floor price of the Bored Ape Yacht Club (BAYC) dropped by 53% to 72.5 ETH on August 28 versus a high of 153.7 ETH on May 1.