OpenSea ain't doin' too hot.
Have you ever visited a holiday town in the winter?
Businesses are empty, the streets are eerily quiet...it's like you accidentally walked onto the set of The Walking Dead.
According to new data from DappRadar, OpenSea's NFT marketplace is keeping that same energy right now.
On August 28th, the marketplace processed $5M worth of NFT transactions, which is 99% lower than its record high of $405.75 million on May 1.
Ooooft! Not great.
So what does this mean for the NFT space?
Here's our take:
While there isn't much historical data to go off (NFTs are still a relatively new thing) - sure, this could well mark the end of this cycle's NFT craze.
It makes sense for folks to move away from riskier assets amidst a weakening market.
...but much like a holiday town in winter, a lowered economy is by no means the end of the town.
The 'NFT locals' will stay behind and support the economy in the off season - building, repairing and improving.
Once summer rolls back around, the shoobies will return and the economy will be flooded with new customers once again.
