NFT Market Volume Drops Sharply
NFT trading activity has fallen to its lowest levels since 2025 after OpenSea, a major NFT marketplace, paused its rewards program. Trading volumes across platforms have dropped 73% since OpenSea removed incentives for listing and bidding on February 18.
Key Stats:
- Before Incentives Paused: Daily NFT sales ranged between 20million –30 million.
- Current Volume (March 5): Only $5.7 million traded across Ethereum-based NFT platforms.
- December 2023 Comparison: Daily sales were 15million –50 million at peak times.
Why It Happened
OpenSea’s rewards program, called “OS2,” gave users points for listing or bidding on NFTs. These points could later be exchanged for rewards. After the program was paused, trading activity dropped immediately. OpenSea says it plans to bring back incentives but hasn’t shared a timeline.
Floor Prices Hold Steady
Despite the trading slump, popular NFT collections haven’t lost much value:
- Cryptopunks: Floor price at 38 ETH (~$83,000).
- Pudgy Penguins: Floor price at 9.8 ETH (~$20,000).
- Bored Ape Yacht Club: Floor price at 13.4 ETH (~$28,000).
What’s Next?
The NFT market’s recovery likely depends on OpenSea relaunching its rewards program. For now, traders are waiting to see if incentives return—and if buyers come back with them.
