It has been over two weeks since the launch of the NFT marketplace. The company opened the service to the public earlier this week and trading has been slow.
The exchange has a daily volume of $3.2 billion and weekly visits of 2.5 million. According to data compiled by user hildobby, the NFT volume has reached sales worth $668,668 across a small pool of 1,287 users.
Why isn't a bigger part of the exchange flowing into the NFT marketplace?
Although the NFT platform is new, you would expect better performance.
According to a source close to the company, the Dune Analytics data doesn't provide an overall number of how many people have signed up for the platform.
The number of people on the platform has been misrepresented as the total number of users.
OpenSea, the largest NFT marketplace in the world, had over $3 billion in NFT volume across 350,000 users since April 20. The volume of OpenSea was over half a million% higher than the volume of NFTs.
OpenSea makes up the majority of NFT marketplace volume, followed by LooksRare and MagicEden, according to data from The Block. Since April 20, LooksRare has had over 1.5 billion in NFT volume across over 21,000 users, but the NFT marketplace has been stagnant.
The marketplace was open to everyone on May 4. The number of users has fallen every day since then.
The product is overdeveloped and the anticipation of where this should be right now has not matched expectations.
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