In August, trading volume on the non-fungible token (NFT) OpenSea marketplace fell to $106 million. The figure was the lowest since April 2021, according to Dune Analytics.
From August 31, OpenSea disabled its on-chain tool Operator Filter, which facilitates the collection of creator royalties. The move did not win the support the team had hoped for.
Billionaire Mark Cuban called it a big mistake. He saw in such a move a decline in trust in the marketplace and harm to the industry. Meanwhile, Yuga Labs, the studio behind the BAYC NFT collection, said it planned to end its collaboration with the platform by February 2024.
Earlier in August, journalist Colin Wu accused OpenSea of blocking users for using the mixer Tornado Cash. He noted that the investigation is ongoing, and that the restrictions are driven by the platform’s “proactive and stringent policy of control.”
Earlier, a rare BAYC NFT sold for a record-low 153 ETH (~$254,000). The asset had fallen 80% in value over 11 months.
In June, total royalties paid across NFT collections declined to a two-year low — almost 1,000 ETH.