OpenSea NFT Volume Seems To Taper Off Despite Top Projects Performing Well

Non-fungible tokens (NFTs) remain of great interest to collectors and speculators. However, the daily volume on the OpenSea platform appears to be stagnating somewhat. As a result, setting a new all-time high for monthly volume and monthly sales will prove difficult. 

OpenSea Metrics Show A Decline

After a few positive months, it appears that OpenSea’s volumes are returning to more normal and manageable levels. However, the spike in late August has not continued, as the overall daily volume on OpenSea is less than one-third of the peak. Returning to that high value seems unlikely, as many people have cooled off on the NFT concept. There are still plenty of sales overall, but the massive FOMO appears to have subsided.

In the past two weeks, OpenSea has barely surpassed $100 million in daily volume. That is a relatively low figure, although still higher than what the marketplace produced in early August of this year. It is unclear why the numbers have cooled off after that massive spike, though. There is no shortage of NFT projects, although one may argue the market has gotten oversaturated in recent weeks. 

Source: Dune Analytics

The metrics for monthly volume, however, paint a less depressing picture. OpenSea still managed over $2.6 billion for September 2021 so far. That isn’t too far off from August’s $3.4 billion peaks and much higher than any previous monthly volume. It will be interesting to see what happens to this popular NFT marketplace in Q4 2021. 

Moreover, one has to wonder if the interest in non-fungible tokens will remain tangible. Currently, that doesn’t necessarily appear to be the case. The established collections continue to do well, but everything else seems to lose traction relatively quickly. Thus, bringing utility to NFTs remains a steep challenge that proves challenging to overcome. Speculation will only carry projects for so long.

Which Collections Maintain Traction?

The collections that either have attracted high values or are backed by mainstream brands hold people’s attention. CryptoPunks is still the top project on OpenSea for volume, with over 14,000 ETH in the past week. That is a net 8.23% decline for the week, but it still puts CryptoPunks well ahead of the competition. LOSTPOETS maintains second place with 9,787 ETH in weekly volume, a 576.7% increase compared to last week. 

Source: OpenSea

TIMEPiece Community, Art Blocks Curated, And Cool Cats NFT are all in the top five. Cool Cats notes a strong volume surge lately, whereas Art Blocks Curated dropped by over 51%. Sustaining high floors is another tough ask for most projects lately, as it often depends on how well-distributed the assets are among holders. As long as the number of monthly active traders on OpenSea keeps rising, interesting developments may be on the horizon. 

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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