The once red-hot NFT market, fueled by missed opportunity syndrome during the crypto boom in 2021, has turned into nothing more than a trickle: the trading volume on OpenSea, the most popular NFT trading platform, plummeting by 99% in less than four months.
According to data compiled by DappRadar, OpenSea processed record NFT transactions on May 1 amount of $2.7 billion, but last Sunday the market only traded $9.34 million. On the same day, the company recorded 24,020 users, about a third less than in May, when a record number of transactions was reached.
A significant drop in volume in the NFT market coincided with a drop in cryptocurrency prices. Bitcoin, the most popular cryptocurrency, has fallen nearly 57% year-to-date to $20,276. The second most popular cryptocurrency by market cap, Ethereum, has fallen roughly 59% to $1,528 over the same period.
As cryptocurrency trading volumes and prices plummeted during the downturn dubbed “crypto winter,” floor prices for the most popular NFT collections also plummeted.
According to CoinGecko, the floor price of the most popular NFT collection, Bored Ape Yacht Club, fell 53% on Monday to 72.4 Ethereum (about $110,000) from a high of 153.7 Ethereum on April 30. Another popular NFT collection, CryptoPunks, is down 19% from its July peak.
OpenSea representative told Fortune in an e-mail that the platform is not worried about the decrease in trading volume.
“We’re playing the long game because we see what’s possible, so we’re not that concerned about short-term volatility,” said an OpenSea spokesperson. “We always expected frothiness, hype, and deflation as the [NFT] community and use cases evolve, the tech gets more sophisticated, and creators figure out how to build more utility into their projects.”