Open Sea’s NFT transaction volume dropped by 50% after a sharp surge in August

After the leading non-fungible token (NFT) market, OpenSea, experienced a surge of $4B in sales throughout August, recent data shows that after advancing to the powerful heights of the moon, it symbolically returned to Earth.

The NFT market is largely related to Bearish momentum Last week witnessed the entire cryptocurrency market as the platform, collections and reserve prices have all been corrected.

Analytical data Data from DappRadar shows that in the past 7 days, OpenSea’s sales have fallen sharply from a pool of 156,811 traders by nearly 50% to 792.23 million USD, a decrease of 10% from the previous week’s record.

Despite this short-term adjustment, OpenSea still dominates its closest competitors Axie Infinity and CryptoPunks in terms of trading volume indicators, at US$158.24 million and US$45.92 million, respectively.

Realizing that it is not biased towards the bearish narrative, it must also be reported that by using the same data set and expanding the scope within 30 days, it can be fairly assessed that OpenSea does not show signs of a long-term decline and that the volume is positive at 336.94%.

Related: 101 Boring Apes NFT auctioned by Sotheby’s sold for over 24 million U.S. dollars

In a brief incident this week, an error on the platform that affected the transfer of ERC721 to the ENS name accidentally deleted a small number of users’ NFT assets totaling $100,000. It is understood that the incident was resolved quickly and the funds have been returned.

Last week, the platform published a guerrilla recruitment post, announcing that they will generously donate 1 Ethereum (ETH) token to any public who recommends potential engineers or designers to the company, and they will gradually become a successful candidate people.

In the statement, product owner Nate Chastain pleaded: “We have 37 people and handle 98% of all NFT transactions”, and the company “needs urgently for manpower.”