Anyone who has been dealing with stock exchanges and market values ​​on the financial markets in the last few days could almost fall into sheer panic. The market values ​​in almost all areas of finance have been largely negative lately. This became particularly clear with highly volatile financial products such as NFTs. There have been price slumps of 50% or more in recent months. As a result, more and more traders were reluctant to trade NFTs. Small investors in particular are reluctant to carry out trading transactions with cryptocurrencies due to the current situation. This development is particularly evident in the trading platforms. One that is particularly affected is OpenSea.
New OpenSea Platform Sees Significant Drop in Trading Volume
OpenSea is a platform that was only founded in 2017. In the short time of its existence, it had to deal with a number of significant problems. For example, it dealt with the economic effects of the pandemic and the disruptions in global supply chains. However, after surviving these crises, the question – according to some analysts – is how long the platform can last. In fact, the platform is seeing a pretty significant drop in trading volume. Experts speak of up to 99% here. Of course, the operators of the platform cannot withstand such a slump for long, which is why the experts – with reference to the ongoing energy crisis – already assume that OpenSea will soon withdraw from the NFT trading business.
OpenSea Provider Remains Optimistic
According to their own statements, the operator of OpenSea is still optimistic and puts the statements of the supposed experts into perspective. In fact, this drop is only apparent if you take the peak in trading volume since inception in 2017 as a basis. If you look at the realistic average trading volume in recent years, the loss is significantly lower. It must also be taken into account that the trading volume has fallen more sharply than expected in the last few months. One reason for this could be the fact that the current economic and energy crisis has never happened before. Investors are surprised by the current situation and are therefore reacting somewhat drastically. In the opinion of the OpenSea providers, however, this will subside again in a short time, so that an upturn in trading volume can then be recorded again.
Avoid Price Losses in Digital Currency Trading as Best as Possible
Regardless of whether the situation at OpenSea is actually as dramatic as analysts fear, times are extremely difficult for traders in the cryptocurrency sector at the moment.
Investors who deal with trading cryptocurrencies should definitely have the right analysis tools ready in the current situation. If you want to be on the safe side here you can check out BuyNFT’s handy list of NFT analytics tools, so that you can ensure you’re made aware of changes in the price development quickly and you can react to them just as quickly.
In the current situation, it is essential for crypto traders in particular to be able to keep up to date quickly and comprehensively on political and economic developments and then be able to act immediately. Apps and tools that investors can use on their smartphones can also be particularly helpful in this regard.
