CRYPTO DATA: OpenSea’s NFT Transaction Volume Collapsed in 2022

OpenSea reached a high of $4.9 billion in January 2022, but then dropped significantly to $258 million in December 2021, a decline of 95%. According to sources, it found that its market share had decreased from 50% in January to 33%.

At the beginning of the year, OpenSea accounted for 20% of all Ethereum (ETH) gas usage, but this percentage decreased to 9% by the end of the year.

A gas fee is a fee that is paid to network validators (also known as “miners”) for their work in processing and including transactions in blocks. The gas fee is paid in ETH, and its purpose is to provide an incentive for miners to include transactions in blocks, as they are rewarded with the fee for their work. Without gas fees, there would be no incentive for miners to validate transactions, and the network would not be secured.

OpenSea’s NFT transaction value started  at 80,000 at the beginning of the year to about 60,000 by the end of the year, a drop of 25%. Additionally, it seems that the number of NFT transfers in the market declined by 25% in 2022