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The trading volume on the large non-fungible token (NFT) marketplace OpenSea has been in a downtrend over the past week, possibly mainly due to several incidents that caused users to lose millions of dollars worth of digital assets.
The trading volume of OpenSea has decreased by more than 11% in the past day and by more than 27% in the past week, according to data from DappRadar. Over the past 30 days, it has increased by 29%.
The platform processed transactions worth about USD 87 million on Tuesday, Compared to USD 30 days ago, on the 25th Comparing the volume of Tuesday with that of January 25, it has decreased by more than 46%.
Interestingly, the number of transactions and users interacting with the platform has remained largely constant. On Tuesday, the marketplace processed transactions of 
The decline in OpenSea volume may be due, at least in part, to recent incidents.
At the end of January, due to a problem with the design of the interface of the marketplace, some opportunists were able to buy NFTs below their actual price. In a statement to , the marketplace explained that the problem would occur when users create listings for their NFTs and then transfer the listed NFTs to another wallet without canceling the listing.
“OpenSea cannot cancel entries on behalf of users. Instead, users have to cancel their own entries,” OpenSea said at the time.
To address this issue, OpenSea released a smart contract update on Friday, requiring all users to move their listings on Ethereum (ETH) to the new smart contract.
Subsequently, however, it fell victim to a phishing attack, with some arguing that the problem may have been with the migration.
On Tuesday, however, the platform said that its contract migration tool has been ruled out as a vector for the attack, adding that it is “safe to migrate your offers.”
Meanwhile, the daily trading volume at LooksRare, a rival of OpenSea, has sharply decreased. On Tuesday, the platform processed transactions worth USD (compared to USD from OpenSea per this source) – a decrease of 89% from the peak of USD on January 19, according to Dune Analytics. As reported, the NFT data aggregator CryptoSlam argued at the end of January that wash trades make up a large part of the LooksRare volume.
