OpenSea Monthly Volume is Down Over 90% – The Bear Market Effect?

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Over the course of the last week Bitcoin is Currently trading at $19,700. the entire market value of cryptocurrencies has seen a decline of more than $64 billion. After a week that was marked by both highs and lows,

In spite of the decreases, the difficulty of mining on the Bitcoin network increased by 9.26%. This is the largest increase in mining difficulty since the beginning of the year. The fact that there have been three straight rises in difficulty gives the impression that miners are still engaged in their work in spite of the slump.

OpenSea Volume Down Over 90%

The transaction value for OpenSea in August was $498 million, which was around 5.5% less than it was in July when it was $527 million. This was the lowest monthly total since August 2021. In January of 2022, a transaction volume of $5.87 billion on OpenSea, setting a new record.

OpenSea to Only support ETHPoS on their Platform

The most significant NFT exchange, OpenSea, has already provided the public with confirmation that it would support Ethereum Merge before the end of this month. A powerful message in support of the merger was made on Wednesday when a tweet was sent expressing market confidence in the Merge. It was stated that the Ethereum PoS chain would be the only one for which we would offer NFT support.

Polygon Announce Support for Seaport By OpenSea.

OpenSea is the most successful marketplace for non-fungible tokens, and Polygon has now made public their support for the Seaport Web3 protocol, which is utilized by OpenSea. As a direct result of this, MATIC’s stock price has climbed by nearly 10% over the course of the last week.