OpenSea has surpassed $1.3 billion in revenue in the last seven days, but the number of daily active users on the platform has fallen by more than 30%.
OpenSea’s Total Transaction Volume Exceeded $1.3 Billion
According to Dune Analytics on February 10, while OpenSea’s total transaction volume exceeded $1.3 billion in the last seven days and appeared to be in sync with January’s total volume of $5 billion, the number of active users decreased by more than 30% back.
Daily active OpenSea users. Source: Dune analysis
Are we beginning to see the lull in trader activity as a sign that the market is about to pull back, or are investors and collectors taking their trading activity elsewhere?
The market’s closest competitor is LooksRare, which has generated about $3.49 billion in revenue over the past seven days, but the ongoing fake trade issue has also seen its active trader count drop by 3%.
There are several factors that may have contributed to the overall decline in OpenSea volumes and active traders. After all, nothing lasts forever. However, the NFT market is no less surprising.
Hape Prime Tops the List
Hape Prime, a collection of 8,200 fashionable 3D monkeys, entered the scene and topped the list of total transactions over the last 7 days. Investors were impressed with the project’s total sales of more than $13.6 million. Whether this impression is good or bad is another story.
The series quickly achieved meme status, but still managed to increase its 7-day total sales by almost 80%. Meanwhile, sales of other notable collectibles, including Azuki and CloneX, are down at least 50%.
Hape Prime’s daily average price of 9.17 Ether on Jan. 31 has fallen more than 55% since its announcement, suggesting traders may have bought into the hype. An interesting fact is that there are almost 6,000 unique owners.