According to data published by Dune Analytics, The volume of OpenC transactions (OpenSea), the popular NFT marketplace, is down 86% since the beginning of this year.

OpenC NFT secondary market trading volume Despite the launch of the Arbitrum portfolio in September 2022, it has reached its all-time low. The largest volume of OpenC transactions It goes back to January 2022. At that time, the volume of transactions had reached 4.86 billion dollars. Currently, we are witnessing a 94% decrease in the trading volume of the OpenC market.

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A significant reduction in the volume of OpenC transactions

Data from Dune Analytics shows that since the beginning of this year, Ethereum OpenC transactions have fallen by about 86%. OpenC supports NFTs from several popular blockchains, including Ethereum, Solana, Avalanche, and Clatin. Tier 2 solution Arbitrum recently announced that it will list its NFTs on the OpenSea platform.

DappRadar transaction data It shows that the number of NFT transactions in the OpenC secondary market increased from $406 million in May 2022 to $7.63 million.

OpenC trading volume reached the lowest level since June 2021

The Bored Ape Yacht Club token collection is the best selling NFT collection. The highest price of this collection on May 1, 2022 was around 133.9 Ethereum. The price of BAYC Collection currently stands at 64.7739 ETH.

CryptoPunks price, another popular NFT set, has risen to 100 ETH from a low of 122 ETH on August 30, 2021. A new report from Activate Technologies shows that the promotional phase of NFTs is over. The number of adults over 18 buying NFTs has dropped from 76% in 2021 to 51%.

Reducing the number of OpenSea users

Binance Research report shows that Reduction of OpenC market place users It has a significant relationship with the digital currency market stagnation. A recession in the financial market forces investors to sell risky assets.

NFTkek, an NFT analyst, believes that the number of non-coin tokens minted has dropped dramatically in the past month. Artists are currently not very interested in producing NFT sets.

OpenSea is currently facing increasing threats from the multi-chain market Magic Eden. Magic Eden is an NFT marketplace based on Solana. Collections such as ArtBlocks, Otherdeed, Bored Ape Yacht Club and CryptoPunks are sold in this marketplace.

The popular social media site Reddit has also seen its users’ increasing interest in heterosexual tokens. Reddit users have created 3 million wallets so far.

Despite the challenging nature of OpenSea’s operation, China’s Multilist will benefit the user. A multi-chain ledger allows the transfer of NFTs across different blockchains. Other benefits of these listings include improving the liquidity of NFTs and potentially increasing the value of collections. At the time of writing, the CryptoPunks collection has the highest Ethereum NFT trading volume on the Magic Eden Marketplace.

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Source: beincrypto

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