The end of the NFT era: NFT token sales on OpenSea drop by 99% in 4 months

According to DappRadar, the local sales of non-fungible tokens on the world’s largest NFT marketplace, OpenSea, have decreased by 99% - on August 28, the platform processed NFT transactions worth $ 5 million (on May 1, this figure was $ 405 million).

Along with the decline in daily sales, the daily number of users and, obviously, transactions has also fallen. According to analysts, this indicates a drop in user interest in NFTs and a decrease in their value in general.

Due to the decline in buyer interest in non-fungible tokens, the minimum prices for digital collectibles have also dropped. Thus, the minimum value of the Bored Monkey token from the BAYC collection fell to 72.5 ETH, a 53% decrease compared to the May value of 153.7 ETH.

Obviously, the decline in interest in NFTs was also influenced by hacker activity: according to the analytical company Elliptic, from July 2021 to July 2022, hackers were able to steal NFTs worth more than $ 100 million. According to experts, on average, the theft of NFTs brings attackers $ 300,000 per hacker attack. Therefore, no user can be 100% protected from cyberattacks, risking losing their savings invested in digital collectibles.