In August, trading volume on the non-fungible token (NFT) marketplace OpenSea fell to $106 million, the lowest level since April 2021, according to Dune Analytics.
Starting August 31, OpenSea has disabled the Operator Filter on-chain tool that collects royalties. The decision did not receive the support that the team had hoped for.
Billionaire Mark Cuban called it a big mistake. He saw in such a step a decrease in trust in the marketplace and damage to the industry. At the same time, Yuga Labs, the studio behind the Bored Ape Yacht Club (BAYC) NFT collection, announced its intention to end cooperation with the platform by February 2024.
At the end of August, journalist Colin Wu accused OpenSea of blocking users for working with the Tornado Cash mixer. He drew attention to the fact that the investigation is still ongoing, which means that the restrictions are due to the “proactive and strict control policy” on the part of the site.
Recall that a rare NFT #8585 from the BAYC collection was sold for a record low 153 ETH (~$254,000). The asset lost 80% in value in 11 months.
In June, the total amount of royalty payments on NFT collections fell to a two-year low — almost 1,000 ETH.
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