Despite low gas fees, why is OpenSea’s trading volume bothering NFT holders

ambcrypto.com:

At the start of the year, NFT traders watched with a range of emotions as OpenSea’s monthly volumes for January 2022 quickly overtook those of December 2021 – even before the month had ended. Now, with February drawing to an end, what do the stats tell us?

Well, it’s still not possible to declare for certain, whether OpenSea’s February trading volume will beat that of January. At press time, $2,537,257,571.44126 had been generated. This is close to half of January’s volume of $4,954,858,223.87724.

Source: Dune Analytics

It certainly raises the question of whether the trading volumes that OpenSea [Ethereum] recorded in January 2o22 are sustainable – or if it’s the case of a one-trick pony.

Many NFT lovers will know that NFT marketplace trading volumes have a lot to do with Ethereum’s gas fees. Higher gas fees may discourage creators and collectors alike, leading to lower volumes. That said, however, Ethereum has been seeing a fall in gas fees for some time now.

For example, the mean gas price reached a five-month low of 73.151 gwei.