OpenSea Number of Active Users Decreases By Over 30%

OpenSea, the world’s largest NFT marketplace, has generated over $1.3 billion in total volume in the last 7 days, keeping pace with January’s total volume of $5 billion. However, the number of active users has plummeted by more than 30 percent , according to data from Dune Analytics.

This data is concerning because it shows that there may be a market correction in the NFT area in the near term, or that investors and collectors are shifting their trading activity to another marketplace in which they are participating.

LooksRare, a new NFT marketplace that launched in January 2022, is the marketplace’s closest competitor. The platform has generated around $3.49 billion in the last 7 days, but ongoing challenges with wash-trading have also reduced its profitability.

Last month, OpenSea was hacked for 332 ETH, which was worth $780,200 at the time. Peck Shield, a blockchain security business that aspires to improve the security, privacy, and usefulness of the whole blockchain ecosystem, discovered the compromise.

The exploiter was able to buy Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collectibles at their old listing price and then sell them for the current market price due to a fault in the front end of the marketplace.

Users have regularly complained, with the most recent report due in December 2021, yet the company has done nothing to address the issue. This could be one of the reasons for the reduction in OpenSea users.

Last month, OpenSea was hacked for 332 ETH, which was worth $780,200 at the time. Peck Shield, a blockchain security business that aspires to improve the security, privacy, and usefulness of the whole blockchain ecosystem, discovered the compromise.

The exploiter was able to buy Bored Ape Yacht Club and Mutant Ape Yacht Club NFT collectibles at their old listing price and then sell them for the current market price due to a fault in the front end of the marketplace.

Users have regularly complained, with the most recent report due in December 2021, yet the company has done nothing to address the issue. This could be one of the reasons for the reduction in OpenSea users.

news NFT opensea