OpenSea’s trade volume has plummeted 98%(!!!) since its May 2022 peak—and it deserves to drown.
Let’s break it down:
1️⃣ In a race to the bottom with Blur (also vile), OpenSea killed NFT royalties, gutting one of the format’s core selling points.
2️⃣ Without royalties, artists lost a key revenue stream—and a major incentive to keep promoting their past work. AKA the ongoing engagement that fueled trading and rewarded collectors.
3️⃣ With past work no longer generating income, artists were forced into churn-and-burn mode, cranking out more, more, more.
4️⃣ The market became oversaturated. Everything devalued.
5️⃣ Trade volume on OpenSea nosedives 98%.
An own-goal. A self-inflicted wound that infected the entire market. 2% left until they're where they deserve to be.
https://protos.com/opensea-goes-multichain-after-98-drop-in-volume/