NFT sales volume on OpenSea dropped 50% following a colossal surge in August

After a tremendous August surge of $4 billion in sales volume on the leading NFT marketplace OpenSea, recent data indicate a metaphoric return from heaven to earth. Over the last week, the sales volume has dropped by almost 50%.

The bearish trend saw across the crypto markets on the last week also has affected NFT marketplaces, on which collections and floor prices suffered corrections in total.

According to DappRadar data, over the last seven-day period, the sales volume on OpenSea has fallen steeply by about 50% to $792.2 million with a pool of 156,811 traders that is 10% less than across the previous week.

OpenSea still holds first place amid its closest competitors Axie Infinity and CryptoPunks, with the volume metric of $158.2 million and $45.9 million, respectively, despite the short-term correction.

Using the same dataset and expanding the scope across a 30-day period, OpenSea data shows no signs of long-term decline with a positive volume figure of 336.9%.

Signaling that things are going not bad, the platform published a new recruitment post last week, looking for a potential engineer and designer.

“We are 37 people handling 98% of all NFT volume” and that the company has a “pressing need for manpower,” pleaded head of product Nate Chastain in the statement.

As reported last month, the NFT boom caused OpenSea trading volume to explode 76,240% from January to August. The NFT marketplace processed 1.18 million transactions worth $1.06 billion in the last month. Trading volumes on OpenSea have surged by over 12,000% in 2021.