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After topping $4 billion in sales volume in August, the leading NFT platform experiences a natural fall.
Following a massive rise of $4B in sales volume for the leading nonfungible token, or NFT, marketplace OpenSea during the month of August, current numbers indicate a metaphorical return to earth following propulsion to the vast heights of the moon.
NFT marketplaces have mostly matched the bearish momentum seen in cryptocurrency markets over the last week, with platforms, collections, and floor prices all experiencing price corrections.
Analytical data from DappRadar reveals that over the last seven-day period, the sales volume on OpenSea has fallen sharply by almost 50% to $792.23M from a pool of 156,811 traders, 10% less than registered across the previous week.
Despite this short-term correction, OpenSea still holds a dominant position over its closest competitors Axie Infinity and CryptoPunks, listed on the volume metric with $158.24M and $45.92M, respectively.
Conscious to not skew the narrative bearish, it also must be reported that by utilizing the same dataset and expanding the scope across a 30-day period, it can be fairly assessed that OpenSea shows no signs of long-term decline with a positive volume figure of 336.94%.
This week, a platform problem affecting ERC721 transfers to ENS names mistakenly erased a limited number of users’ NFT assets valued $100K. According to reports, the problem was quickly rectified and the cash were refunded.
The platform posted a guerrilla-style recruitment ad last week, announcing that they will kindly provide one Ethereum (ETH) token to any member of the public who introduces a potential engineer or designer to the firm who becomes a successful candidate.
In the statement, head of product Nate Chastain pleaded: “We are 37 people handling 98% of all NFT volume” and that the company has a “pressing need for manpower.”