OpenSea’s NFT Volume Got Down By 50% After Surge In August

OpenSea’s NFT volume got down by 50% after the recent surge in August which was an industry record as we reproted previously in our crypto news.

Following the colossal surge of $4 billion sales volume over the month of August, for the leading NFT marketplace OpenSea, its figures are now showing a metaphoric return of earth after the propulsion to the highs of last month. The NFT marketplaces paralleled reveals that over the past week, OpenSEA’s NFT volume got down by 50% to $792 million from a pool of 156,811 traders or 10% less than registered across the past week.

Despite the short-term correction, OpenSea holds a dominant position over the closest competitors CryptoPunks, Axie Infinity as they are listed on the volume metric with $158 million and $45 million respectively. It also has to be known that by utilizing the same dataset and expanding the scope across the 30-day period, it can be addressed that OpenSea shows no signs of long-term drops with a positive volume figure of 336.94%. in a momentary mishap recently, a bug on the platform affecting ERC721 transfers to ENS names deleted a chunk of users’ NFT assets worth $100K. it is understood that the incident was resolved and the funds returned so last week the platform launched a recruitment post and declared that they will be donating ETH tokens to any member of the public who refers a potential engineer or designer to the company that becomes a successful candidate.

Nick Johnson, the lead developer of the Ethereum Name Server unveiled a bug on the NFT marketplace OpenSea which caused him and other traders to lost about $100,000 in NFTs to burn addresses with the bug that has been patched since but the damage is irreversible. Johnson explained the bug in a Twitter threat where he announced that he had accidentally burned the first ENS name ever registered. It all started with him trying to transfer the ENS titeld rilxxlir.
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eth to one of his personal accounts and then planned to offer rilxxlir as an NFT through PaperclipDAO but because the name was held by the ENS account rather than a personal account that would be prevented from doing this until transferring the ENS. Johnson tried this through OpenSea and that’s when he discovered a glitch. Rather than sending the ENS to the given personal address, it was sent to a mysterious burn address which was not seen ever since.
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