A representative for OpenSea said the method of measurement was not accurate—but by any measure, sales are down.
A collection of CryptoPunks in OpenSea displayed on a phone screen. Photo: Jakub Porzycki/NurPhoto via Getty Images.
A spokesperson from OpenSea got in touch with Fortune to offer a rebuttal, disagreeing with DappLabs’ decision to measure trading volumes in dollars, which means figures waver not only at the hands of user activity, but also with the fluctuating value of cryptocurrencies. But as Fortune points out, by OpenSea’s preferred metric—ETH volume—trading is still down 62 percent from May to July, and is on track to decline further in August, per crypto-tracking platform Dune Analytics. In July, the platform“We’re playing the long game because we see what’s possible, so we’re not that concerned about short-term volatility,” OpenSea’s spokesperson also told Fortune.
“Foundation is somewhat curated, whereas OpenSea is a free for all,” Nobody told Artnet News. But Foundation doesn’t allow the release of artworks in editions, so the artist relied on OpenSea this summer to drop an edition of 99 works for 0.1 ETH each. “I sold a lot and the fees for transacting and listing are quite low on the platform,” he said.
“I try to keep my biggest-ticket items on Foundation and my more affordable pieces and editions on OpenSea,” Nobody added. So maybe it’s not the end of NFTs, but the end of one platform’s total dominance. We’ll need more data to tell for sure.
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