OpenSea NFT Marketplace Total Transactions Hit 10M

OpenSea NFTs Seeing Decline in Volume
  1. NFT-based transactions at OpenSea have dramatically decreased.
  2. This brings the total number of transactions to 10,026,913.
  3. 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.

Read Also :

disclaimer read more

Crypto News Land ( , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

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.

programmer & freelance writer