• Last year proved to be a great year for OpenSea. The leading NFT platform even exceeded $14 billion in transaction volume.
  • However, OpenSea is now taking a hit. Compared to last month, market rates have fallen 40% to nearly $3 billion.
  • The world’s leading platform has recently taken a hit amidst numerous NFT fraud controversies. Despite this, the platform has seen an increase in the number of unique users.

Although OpenSean's track record is not great, the number of NFT projects has clearly risen dramatically.

It was a great year for OpenSea, as it achieved various milestones throughout the year. The marketplace even surpassed $14 billion in transaction volume.

OpenSea, the world's leading platform, is quickly breaking its own monthly trading volume. Dune Analytics revealed that in January 2022, the OpenSea network broke its own highest monthly trading volume.

According to the on-chain data platform, the NFT platform quickly broke the record for the highest transaction volume of $2 billion in December 2022, reaching the $5 billion mark in 2022. The exact amount was $4,795,721,595,90746.

Unfortunately, last month wasn't so magical for OpenSea.

Breaking OpenSea Growth

Compared to the previous month, market rates fell significantly by 40% to nearly $3 billion. At the same time, the performance of the NFT program is quite noteworthy. The number of unique users and transactions is increasing every day.

According to recent reports, many NFT projects are entering the secondary market; meanwhile, others in the industry are planning their next steps in terms of utilities and integration into the metaverse.

Also Read: Musk Buys Bored Ape NFT for 569 Ether

OpenSea Caught in a Sea of NFT Fraud

OpenSea has also reportedly been at the center of various unethical activities recently, such as NFT fraud. Users are now skeptical about the security of the platform.

Since NFT as an entity, like cryptocurrency, is decentralized and not operated by a single identity, it poses the risk of owner cryptocurrency theft. There are no such measures in place to prevent this from happening.

Interestingly, despite the allegations and controversy surrounding it, the world's leading platform is growing by the day as more and more people join this highly lucrative marketplace every day.

However, there is no doubt that the current risks and obstacles facing the NFT market require the intervention of regulators.

As the NFT market grows and expands, the need for an international regulator is being realized every day, as are its use cases. An international organization is needed to protect consumers.

1646112977_428_Andrew-Smith.jpeg.webp

Andrew is a blockchain developer who became interested in cryptocurrencies after graduating. He is a keen observer of detail and shares his passion for writing and being a developer. His back-end knowledge of blockchain has helped him provide a unique perspective for his writing

1646112977_428_Andrew-Smith.jpeg.webp Andrew Smith's latest posts (see all)