But from Coinbase to Reddit, OpenSea is no longer the only fish in the sea
Eight months ago, this column asked if we were entering an NFT downturn. The answer, it turns out, was a giant yes.
That NFT hype is behind us is something we could tell without even looking at any data. But we do love data, and backing up our hunches, so we’re going to take a closer look at some of the very same charts we examined earlier this year.
The universe of non-fungible tokens is fragmented by definition since they can be minted and sold by anyone across a number of blockchains and marketplaces. But there’s actually a reasonably good proxy to evaluate how the market is doing: trading volume on OpenSea, one of the main NFT marketplaces, and a startup that was valued at more than $10 billion earlier this year.
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We need to add a caveat here: OpenSea was perhaps more central to the NFT mar …