NFT prices misfire as OpenSea daily active user volume drops 30% in a week
While it seems OpenSea is keeping pace with January’s total volume of $5 billion by generating over $1.3 billion in total volume the last 7 days, the number of active users has decreased by more than 30% according to data from Dune Analytics.
Are we beginning to see a lull in trader activity as a sign of an impending market pullback or are investors and collectors taking their trading activity elsewhere?
The closest rival to the market-place is LooksRare has generated approximately $3.49 billion in the last 7 days, but persistent issues of wash-trading have also decreased its active trader count by 3%.
There are a few factors that could be influencing OpenSea’s overall decrease in volume and drop-off in active traders. After all, nothing lasts forever. However, the NFT market doesn’t fail to surprise either.
Hape Prime, a collection of 8,200 3D fashion-forward apes, entered the scene and took the top spot in the last 7 days for total volume transacted. The project netted over $13.6 million in total sales and has made quite an impression on investors. Whether this impression was good or bad is another story.
The collection quickly reached meme status but still managed to increase its 7-day total volume sales by nearly 80%. During the same time, other notable collections, including Azuki and CloneX, decreased their total volumes by at least 50%.
On Jan. 31 the daily average price of Hape Prime was 9.17 Ether and has since fallen over 55% since the reveal, suggesting traders may have bought into the hype. An interesting fact to note is that there are nearly 6,000 unique owners.
Since its launch on February 4th, KaraFuru has steadily maintained an average 4 Ether floor ($12,506.36) and the small collection of 5,555 has 4,000
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