NFT trend collapses, OpenSea turns into a ghost town

The plummeting sales in the NFT sector is deeply affecting the OpenSea platform. With the number of users decreasing significantly, OpenSea is also losing ground in terms of base price.

While the cryptocurrency world was on the rise, the NFT trend, which took the wind well behind it, exploded and became an area where billions of dollars were spinning. The trend, which also produced its own rich people, is now looking for its old days with candles. With the cryptocurrency market still unable to break the downtrend, NFT sales have also declined significantly. OpenSea, the biggest market for the trend, is also not showing good signs. The platform has turned into a ghost town. Especially in early May, when Yuga Labs realized Otherdeeds NFT sales, OpenSea broke a record with a daily volume of $405 million. At the point we have reached today, only 5 million dollars can be sold daily. There has been almost 99 percent loss. The decline in the number of OpenSea active users and the number of sales has a big impact on this. This decline also affected NFT base prices. The Bored Ape Yacht Club collection has dropped from its peak price of 153 ETH to 72.5ETH. Add to this the halving of the Ethereum price, and the loss has increased exponentially. This situation has actually started to affect DeFi platforms, just as we have seen in the cryptocurrency market. The BendDAO platform, which lends ETH in exchange for pledging NFT collections, is struggling to provide liquidity due to falling prices. Neither borrowers nor lenders are getting full value for their holdings. So BendDAO is trying to increase liquidity by making some changes to the mechanics. So there may soon be waves of bankruptcies in the NFT space as well. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!