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OpenSea sees 70% drop in NFT turnover OpenSea sees 70% drop in NFT turnover

The popular NFT exchange OpenSea has seen a drop of as much as 70% in trading volume compared to the previous month’s peak. According to those critics who have so far failed to understand the phenomenon of non-exchangeable tokens, this could signal the bursting of the NFT bubble.

On the other hand, the aforementioned peak, which took place on August 29, translated into transactions worth more than $322 million. So it’s hard to expect collectors to spend that much on digital artwork every day.

Popular companies invest in NFT

The record trading volume on the OpenSea exchange is just one example of the fact that August 2021 was an exceptional month for the NFT market. It was also when an unusual Visa purchase took place : NFT CryptoPunk (the payment service provider paid about $150,000 USD for a non-exchangeable token from the popular series), and a few days later, news was confirmed that Budweiser was entering the NFT market

(the company spent about $94,603 USD on the beer.eth domain and $25,227 USD on a non-exchangeable token).

OpenSea is one of the most popular NFT-related sites on the web. The exchange advertises itself as the first and largest platform for non-exchangeable tokens. Among the NFT categories that can be traded on OpenSea are art, music, domains, virtual worlds, cards, collectibles, sports, and utility. The exchange runs on the Ethereum blockchain, which has made long-time users complain about the hidden costs of NFT: gas fees

.

Interest in NFT on OpenSea

Despite experiencing a tens of percent drop in trading volume, it currently stands at around $84 million. Thus, the daily volume is still more than four times higher than a year ago.

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Thus, there is a high probability that, contrary to what critics and opponents of the NFT market claim, no bubble burst on the market of non-convertible tokens, but a natural correction is taking place. A lot also depends on the further approach of investors and collectors, who can take advantage of the lower interest in NFT pieces to make cheaper purchases.

What do you think about the current situation in the NFT market? Can interest in non-exchangeable tokens still increase this year?

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