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Crypto Portfolio Managers, Collectors Say NFT Market Bound For Correction

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  • OpenSea’s trading volume has declined 36.9% in the past month, according to DappRadar
  • Per Google Trends, global search entries for “NFT” have plummeted since February

From artist Beeple selling an NFT for $69 million at Christie’s auction house to Block’s Jack Dorsey minting his first tweet, 2021 was the year of the NFT. 

Bullish signs carried into 2022. NFT (non-fungible) marketplace OpenSea notched a record single-day trading volume in January at $261 million of ether, according to data from Dune Analytics. The platform also recorded 546,000 active users — another record high.

Benjamin Cohen, managing partner of crypto fund Web 3 Equities, told Blockworks when a market grows “that fast,” it is “ fair to assume that [it] will experience large swings and corrections.”

The multi-billion industry took a turn in February. OpenSea’s trading volume and transaction fell, plunging 36.9% and 14.49% respectively over the past month, according to blockchain data dashboard

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