Daily volume of active OpenSea users drops by 30% per week

OpenSea seems to keep up with January totaling $ 5 billion by generating more than $ 1.3 billion in total over the last 7 days. Number of active users however, according to data from Dune Analytics reduced by more than 30%.

Are we beginning to see the slowdown in traders as a sign of the impending market downturn? Or are investors and collectors relocating? Many speculations are emerging on the Internet, but it must not be forgotten that the current sharp decline is not the first in history and, despite such volatility, it is clear trend.

Daily active OpenSea users. Source: Dune Analytics

OpenSea has fallen more than its main competitor

The market ‘s closest competitor is LooksRare. It has generated approximately $ 3.49 billion in the last 7 days, but persistent wash-trading problems have also reduced the number of active traders by 3%.

Wash trading is the process by which a trader buys and sells an asset in order to provide misleading information on the market. In some situations, trades are carried out by a trader and a broker who agree with each other, and in other cases they are carried out by investors who act as both buyers and sellers.

There are several factors that could affect the overall decline in OpenSea and the decline in the number of active traders. After all, nothing lasts forever.

Coinbase Review: Guide to The Top Crypto Exchange (2022)