OpenSea sales volume drops as challengers boast user rewards

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OpenSea sales volume dropped by 67% over the past 30 days, according to DappRadar, as newer platforms offer rewards to lure users away from the leading non-fungible token (NFT) marketplace.

Fast facts

  • Sales volume on OpenSea totaled US$2.64 billion in the past 30 days, while unique traders on the platform fell by 23%.
  • Competitor LooksRare users sold US$2.32 billion in NFTs, a reduction of more than 80%.
  • LooksRare quickly overtook OpenSea following its January debut in sales by offering user rewards based on sales volumes, but the marketplace is beset by wash trading accusations.
  • Other platforms to offer rewards for users include Infinity, which launched in October 2021, and augmented reality NFT platform Hololoot, which launched its beta version in March.
  • OpenSea may soon be in for some legal drama due to hackers seizing on premium NFT Bored Ape Yacht Club.

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