Taken to itself, September wasn’t the best month for NFT marketplace OpenSea.
Sales fell off a cliff after a monstrous $3 billion in August. Active users dropped as well. Then its head of product resigned amid a high-profile NFT trading scandal.
But things may be changing already. While sales data from DappRadar.com shows volume has been relatively stable since dropping from its $300 million single day peak in August, the number of active users has been growing steadily.
Analysis shows since bottoming out on Sept. 8, daily active users grew by more than 54 percent to over 37,000 on Sept. 27, once again nearing all-time highs. OpenSea logged more than 40,000 unique users on Aug. 31, its peak sales day, according to DappRadar.
It also shows how small the relative audience is for collectible NFTs, currently. OpenSea logs more than 100,000 users a week. Play-to-earn NFT game Axie Infinity typically has at least 100,000 people playing its game at any given time.
OpenSea has been averaging between $80 million and $100 million in transaction volume for the last several weeks. That still dwarfs other markets like Foundation and SuperRare, both of which often only transact a few million dollars a day.
The surging user base is also an indication that user confidence wasn’t shaken by the departure of Nate Chastain, the former head of product who resigned after OpenSea users discovered he was using inside information to profit off of NFT trades.
The entire NFT market has swooned since its heights, data shows. Analysis by Crypto Investor of the top 15 NFT projects showed daily sales dropped by nearly 85 percent from their peak in mid-September before rebounding.
Disclosure: Stephen Stirling is a senior reporter for the Street Crypto. He is an NFT artist that uses the platform OpenSea, and holds NFTS from NBA TopShot, Zed.Run, Robotos and the Adam Bomb Gang currently valued at more than $500 USD.
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