OpenSea sales volume dropped by 67% over the past 30 days, according to DappRadar, as newer platforms offer rewards to lure users away from the leading non-fungible token (NFT) marketplace.
See related article: NFT buyers dip for a second straight month
Fast facts
- Sales volume on OpenSea totaled US$2.64 billion in the past 30 days, while unique traders on the platform fell by 23%.
- Competitor LooksRare users sold US$2.32 billion in NFTs, a reduction of more than 80%.
- LooksRare quickly overtook OpenSea following its January debut in sales by offering user rewards based on sales volumes, but the marketplace is beset by wash trading accusations.
- Other platforms to offer rewards for users include Infinity, which launched in October 2021, and augmented reality NFT platform Hololoot, which launched its beta version in March.
- OpenSea may soon be in for some legal drama due to hackers seizing on premium NFT Bored Ape Yacht Club.
See related article: Upstart NFT marketplace LooksRare challenges OpenSea’s dominance
