OpenSea Volume Lags NFT Search InterestNov 17, 2021
Worldwide Google searches for “NFT” hit new highs in November even as OpenSea’s volumes remain relatively stagnant; we have seen a bit of an uptick in recent days but volumes are still well below late summer highs.
The continued rise in search interest suggests NFTs are far from dead and may even be an early indication that another wave of activity is on the horizon. At their peak, there was a daily influx of NFT projects dropping left and right, so the disconnect in volume could imply less speculative hype and greater focus on projects with strong, growing communities. There’s only so much attention and demand among crypto enthusiasts so eventually constant drops and short-term flipping was going to lose a bit of steam, especially as more participants started to experience the downside of buying high and selling lower.
With that in mind, it is observable that there are less NFT mintings in this cycle, which can lead to less secondary market trading activity and, therefore, lower volumes on marketplaces like OpenSea.