OpenSea Daily Active Users Volume Falls By 30% In Past 7-Days - Here's Why?

OpenSea Daily Active Users Volume Falls By 30% In Past 7-Days - Here's Why?

2022-02-10 | Mike Hallen

OpenSea Daily Active Users Volume Falls By 30% In Past 7-Days - Here's Why?

Whereas it appears like OpenSea is maintaining par with January's overall volume of $5 billion by producing approximately $1.3 billion in overall volume in the previous 7 days, information from Dune Analytics shows that the amount of active users has declined by over 30%. LooksRare, the market's nearest rival, has produced around $3.49 billion in the previous 7 days, but continuous troubles with wash-trading have also reduced its active trader number by 3%. A number of variables might be driving OpenSea's general decline in volume and dip in active traders. None, admittedly, lasts a lifetime. The NFT market, on the other hand, never ceases to astound.

Hape Prime took the leading place

Hape Prime, a group of 8,200 3D fashion-forward primates, joined the market and claimed the leading place in overall volume traded in the past 7 days. The project grossed more than $13.6 million in cumulative sales and left an indelible impact on investors. It's debatable whether this perception was positive or negative. The compilation immediately became a meme, yet it still increased its 7-day overall volume sales by over 80%. Simultaneously, other prominent collections, such as Azuki and CloneX, reduced their overall volumes by a minimum of 50%. On January 31, the daily average price of Hape Prime was 9.17 Ether, and it has now dropped more than 55 percent subsequently the announcement, indicating that traders might well have bought into the frenzy. It's worth noting that there are approximately 6,000 distinct owners.

KaraFuru's pricing is affected by fluctuating expectations

KaraFuru has constantly sustained an average 4 Ether floor ($12,506.36) since its inception on February 4th, and the modest collection of 5,555 has 4,000 owners, as per statistics from cryptoslam. Holders appear to be anticipating its release on February 10, which might explain why the daily average price of purchases has recently increased. KaraFuru has earned approximately $44.8 million in overall sales volume, with many in the market believing that the enterprise has enormous possibilities.

Just Falls, declines and plunges for CloneX owners

CloneX currency is the third most popular in terms of overall sales, with the all-time high price of one avatar to be 10 Ether ($31,000.) RTFKT Studios airdropped one NFT for each CloneX and Space Pod in the possession of a collector. RTFKT continues its airdrop campaign by giving MNTHL as well as Loot Pod NFTs to holders. MNTHL’s present floor price is approximately 5 Ether and has been wobbling a bit since collectors have gotten a notification that the Nike-marked NFT would not disclose itself unless it has been activated. Owners of the MNLTH, as well as Loot Pod NFTs, were basically dumped at a minimum of 6 Ether ($18,500) at each NFT's present level. This does not compensate for the price range, however, it appears that this is only the start, with additional potential for new entries into the environment.

HypeBears Official is clawing its path up to the pinnacle

The HypeBears collection ran out on February 3rd, with no obvious public mint accessible, leaving many aspirants dissatisfied with the procedure. The cost of minting a HypeBear was 0.4 Ether ($1,240). HypeBears appears to have piqued the interest of traders with its somewhat hazy but appealing plan claiming 50 percent royalties, a potential governance token, and exposure to certain other blue-chip initiatives. HypeBears, a self-identified blue-chip-focused initiative, has gathered approximately $40 million in cumulative sales volume since its February 2 debut. Regardless of how popular its sales have indeed been, its contract has revealed flaws and possible attacks for holders. Notwithstanding a drop of roughly 49 percent from its peak daily average sale price of 1.37 Ether, HypeBears momentarily replaced Azuki on the rankings.

Azuki's overall volume, as well as average daily sales, have decreased.

As per OpenSea, Azuki has completed approximately $313 million in overall volume from its start on January 11. It produced almost $33 million in the previous seven days only, but the average number of purchases per day has dropped by approximately 66 percent. Notwithstanding a decrease in average sales and volume, Azuki has improved its average sales price dramatically, increasing by almost 40% in less than a month. This indicates that numerous collectors are ready to pay a high price to own these anime-based NFTs. The OpenSea floor price graph reveals that Azuki's floor price has fallen marginally under the desirable 10 Ether threshold, yet buyers on LooksRare are willing to pay a minimum of 11 Ether per NFT. Customers are preferring to acquire pieces on LooksRare and maybe seek to maintain their position against OpenSea by exchanging a $3,000 discount for trade prizes. It appears that fresh NFT collections are coming in full force, aiming to take their position on the graphs and push off existing top rivals.

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