- NFT-based transactions at OpenSea have dramatically decreased.
- This brings the total number of transactions to 10,026,913.
- The crypto winter has dealt a significant blow to investors in the crypto and NFT sectors.
The number of transactions involving NFTs has dramatically decreased, particularly during the course of the holidays. It’s interesting to note that the entire transaction volume of OpenSea, which is built on the NFT protocol Seaport, has surpassed 10 million.
This brings the total number of transactions to 10,026,913, of which 7,986,237 were conducted on the Ethereum blockchain and 2,040,676 were conducted on the Polygon blockchain.
This precipitous drop in trade volume may have been caused by a variety of factors, one of which is the glacial speed at which cryptocurrencies are being adopted all around the world. Fewer individuals are joining the market, which is leading to reduced trading volumes, as the euphoria around cryptocurrencies and blockchain technology has died down.
The FTX collapse and contagion have also had a significant impact on the market, leading to lower trading volumes as investors become more cautious and take a wait-and-see approach. Additionally, the intense competition between exchanges has led to more aggressive pricing models which have further dampened trading volumes.
Notably, the crypto winter has dealt a significant blow to investors in the crypto and NFT sector, and it would seem that there is a good likelihood that this trend will continue in the foreseeable future. Many investors predicted in 2021 that digital assets would topple fiat currencies, but this did not turn out to be the case.
Bitcoin (BTC), the first cryptocurrency ever created, saw a decline of sixty-five percent in 2022. It is interesting to note that the trade volume on cryptocurrency exchanges has touched a two-year low, as shown by the statistics from The Block.
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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.
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