OpenSea gets some time to breathe, NFT volumes down

OpenSea’s Ethereum NFT trading volume dropped another 12% in October, and collections like CryptoPunks and Art Blocks experienced steeper declines.

Every month since August, Opensea has seen billions of dollars worth of transactions, but the latest sales data from top marketplaces shows that the NFT market is slowing down.

August marked a sudden spike in trading volume across the NFT market; as popular collections like CryptoPunks and Art Blocks soared, Axie Infinity continued its stellar summer streak. Opensea hit a single-day record of nearly $323 million worth of ETH transactions. By contrast, OpenSea’s best single day in October had almost $157 million in ETH.

OpenSea has seen around $3.4 billion worth of transactions in August, now down to $2.64 billion in October, a 12% month-over-month decline. October saw the launch of many Ethereum profile picture NFT projects that put up strong secondary trading volume numbers, including Doodles with about $56 million and MutantCats with nearly $51 million.

However, projects and platforms across the NFT ecosystem were up in October, including Axie Infinity, SuperRare and NBA Top Shot, which went from $20 million in September to nearly $41 million in October.