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Trading Volume On Top NFT Marketplace OpenSea Down 99% Since May (fortune.com) 54

Posted by BeauHD from the crypto-winter dept.
What was once a red-hot market fueled by FOMO during the crypto bull market of 2021 is now just a trickle, with trading volume on the most popular NFT marketplace, OpenSea, down 99% in just under four months. Fortune reports: On May 1, OpenSea processed a record $2.7 billion in NFT transactions, but on Sunday the marketplace recorded just $9.34 million worth, according to data compiled by DappRadar. The company recorded 24,020 users on Sunday, about a third fewer than when it hit its record transaction number in May. [...] As trading volumes and crypto prices have fallen during a downturn that's been dubbed "crypto winter," the floor prices for the most popular NFT collections, which indicate the lowest price that an NFT in the collection is selling for, have also plummeted.

The floor price of the most popular NFT collection, Bored Ape Yacht Club, fell 53% to 72.4 Ether (about $110,000) as of Monday, from a high of 153.7 Ether on April 30, according to CoinGecko. Another popular NFT collection, CryptoPunks, is down 19% from its July peak. Yes, but: the report notes that "only 16% of U.S. adults had invested in crypto, nearly the same number who said they had invested last September."

Further reading: NFT Marketplace OpenSea Lays Off 20% of Its Staff
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Trading Volume On Top NFT Marketplace OpenSea Down 99% Since May More

Trading Volume On Top NFT Marketplace OpenSea Down 99% Since May

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  • Is totally not what you hear when you're the mark in a pump and dump. Pinky swear.

  • bigger loss in USD (Score:5, Informative)

    by crgrace ( 220738 ) on Monday August 29, 2022 @07:57PM (#62834789)

    What the summary doesn't point out is that while the Bored Apes lost 53% in value when denominated in Ethereum since April 30, they lost about 73% of their value when denominated in USD, since Ethereum itself has lost 43% (in USD) since then.

  • Too many folks spreading the word, very convincingly, about the scams.
    https://www.youtube.com/watch?... [youtube.com]
    https://www.youtube.com/watch?... [youtube.com]

  • Obvious things are obvious for the vast majority of people. It doesn't matter what the hype articles say. Of course, I am pretty sure the recent crypto hacks and generally crashing trend of cryptos didn't help either.

    On the minus side, blockchain will take a hit although it can be used for other stuff than crypto money and NFTs.

    • ... blockchain ... can be used for other stuff than crypto money and NFTs.

      While yes it can be used for other things, it doesn't need to be. Any other thing that is or can be done with blockchain can also be done without it with no appreciable loss of functionality. It's a sufficient, but not necessary condition. For example, after a crap-ton of funding [gizmodo.com]:

      .... we've not seen hem nor hair of any public blockchain projects, despite creating a new blockchain group this past January.

  • Oh No! (Score:5, Funny)

    by splutty ( 43475 ) on Monday August 29, 2022 @08:02PM (#62834803)

    Anyway....

  • My original suspicion was that NFTs were being used to launder money and dodge taxes. Turns out it's just a bunch of crypto bros who bid up Chuck E Cheese tokens to the stratosphere and are now left holding the bag.

  • NFT were (are) the stupidest idea ever (Score:3)

    by SuperKendall ( 25149 ) on Monday August 29, 2022 @08:36PM (#62834883)

    I can't believe even a single NFT maintains any value at all... a system where you embed an inherently fungible link that points to an even more fungible digital image into a permanent "non-fungable" blockchain record is insane.

    A chain is only as strong as its weakest link, and the link/image part of the NFT is about tissue paper strong. Or maybe just imaginary.

    But I guess at least NFT owners still have something, which people are There Arrows and other failed crypto places can't necessarily say.
    So happy the only way I ever tried to get in on the madness is getting early Spider Man tickets to get a free NFT. If you got pulled in for any amount of money or crypto, my heart goes out to you.

    • I agree with NFT being stupid, but 'fungible' means something else. It is not about mutability, it is about equivalence. From Wikipedia:

      In economics, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable and each of whose parts is indistinguishable from another part.[1][2] Fungible tokens are the ones that can be exchanged or replaced; for example, a $100 note can easily be exchanged for twenty $5 bills. In contrast, non-fungible tokens cannot be exchang

      • As I said, the NFT itself is non-fungible, there can be only one.

        But the link the NFT contains? Anyone can use the link, and the image anyone can duplicate. Thus they are the essence of fungible - as I said. They can both be exchanged as it were because they are infinite in usability.

  • So one of the major tax dodges is art. The way it works is you buy a piece of art for say $100,000 and suddenly there's a market for that artists works and the value shoots up to say $500,000. Then you donate that art to a charity and write off $500,000 from your taxes. At a high income level that's basically 50% or $250,000 you get to keep for a net profit of $150,000.

    As part of one of the last bills related to covid relief funds this loophole has been closed and you can't get away with it anymore. The

    • Re: (Score:1)

      by Anonymous Coward
      your maths is as bad as your information. at 500,000 the tax would be 200k (you only pay on the gain). you are calling it a net profit of $150k, this is numbers gymnastics. What he has actually achieved is a net profit of $50k as opposed to a net profit of 200k had he sold it (500k-200k tax - 100k purchase price). So in effect he is losing $150k additional by doing what you call a tax dodge. The only beneficiary here is the museum or gallery that received the works.

    • Writing things off is rarely a tax dodge. It's like spending $10k to get out of paying $3k in taxes. Sure, you avoided paying the taxes, but it cost you more than you saved.

  • I was betting the NFT bubble wouldn't pop until at least a few more months.

  • Still overvalued (Score:3)

    by paul_engr ( 6280294 ) on Monday August 29, 2022 @09:47PM (#62834995)
    $9.4M for things of literally zero worth is still quite a haul, I'd say
  • If only there was somewhere I could get them for free.
    • A digital cartoon of a yawning chimpanzee in a boat hat is the opposite of artistic. I don't know what I like but I know that ain't art.

      • Erm, okay, you didn't like it, but ... that one wasn't free.
        You owe me 1000 dollarbucks.

      • I can't help but agree.

        If I can stick a fork through a potato, let it sit until it begins to rot, call it to be a statement on social evolution, and claim it as "art" - then the term is effectively devalued to nothing more than "uncalculated."

        It's like declaring a Guitar Hero player a "musician". Just... don't.

  • Hot potato (Score:3)

    by slack_justyb ( 862874 ) on Monday August 29, 2022 @10:48PM (#62835089)

    NFTs are basically someone holding a hot potato trying to convince you that, "Holding a searing hot potato in your hand is like literally the best thing on Earth, and boy oh boy don't you want to hold the one that I've got in my hand for a nice price?"

    There is zero ways they are enjoying the sensation of that constant slow burn of flesh from the hot potato so they have every incentive to ensure that anyone critical of the joys of holding a third degree burn inducing potato is instantly shut down.

    It's hot potatoes all the way down with crypto and the best bet for everyone is to let these losers enjoy their worthless potato than to buy in and you be the one holding the potato.

  • It's Tulipmania all over again (Score:4, Interesting)

    by shubus ( 1382007 ) on Monday August 29, 2022 @11:10PM (#62835125)
    Tulip mania (was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels. The major acceleration started in 1634 and then dramatically collapsed in February 1637.It is generally considered to have been the first recorded speculative bubble or asset bubble in history. It sure seems to me that NFT's are in the same category.
  • Apparently there is not a sucker born every minute.
    • It doesn't matter how quickly the suckers are born. With crytpo and NFTs they tend to lose all of their money and, after that, you can't swindle them anymore.

  • There is no demand because of all these crap NFTs flooding the market.
    I invested all my life savings in a picture (or the right to be the owner of the picture) of an ugly ape picking his nose with his left foot.

  • he's dead Jim, dead Jim, dead Jim, it's worse than that he's dead Jim, dead Jim, dead.

    Actually the next line is just as relevant to NFTs:

    It's life, Jim, but not as we know it, not as we know it, not as we know it, it's life, Jim, but not as we know it, not as we know it, Captain

  • ..having liquidated all their assets and bought a pointer to a monkey picture, the proud owners are now waiting for the value to go to the moon. Give it a couple of weeks and there will be plenty of NFT trading as people sell their pointers to monkey pictures at a whopping 1,000,000,000 % gain and retire to their private islands.

    Well, haha on those unimaginative jerks. I will be on my own private _continent_ with the even more immense profits from all these bridges I bought.

  • Never knew anyone that bought NFT's and I never did. NFT's NEVER made any sense as to value or what you could do with them unless just to resell/scam someone else. My son and me briefly were into crypto then smarten up and got out. Never again.

    • My boss bought one for $70 and sold it a week later for $16k.
      That person flipped it a week later for $60k.
      That person is still sitting on it and will probably not get 10% what they paid when/if they sell.

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