OpenSea historical activity. Source: dappradar.com<\/figcaption><\/figure>\nThe decrease in OpenSea’s volume may, at least in part, be attributed to the recent incidents.<\/p>\n
In late January, due to an issue with the marketplace’s user interface (UI) design, some opportunists were able to purchase NFTs below their actual price. In a statement to Cryptonews.com<\/i>, the marketplace detailed that the issue would arise when users create listings for their NFTs and then transfer the listed NFTs to a different wallet without canceling the listing.<\/p>\n
“OpenSea cannot cancel listings on behalf of users. Instead, users must cancel their own listings,” OpenSea said at the time.<\/p>\n
To tackle 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.\u00a0<\/p>\n
Subsequently, however, it fell victim to a phishing attack, with some arguing that the issue might have been with the migration.<\/p>\n
However, on Tuesday, the platform said that their contract migration tool has been ruled out as a vector for the attack, adding that it’s “safe to migrate your listings.”<\/p>\n
Meanwhile, the daily trading volume across LooksRare<\/strong>, a rival to OpenSea, has declined sharply. On Tuesday, the platform processed USD 90.3m worth of transactions (compared to OpenSea’s USD 133.6m per this source) — down by 89% compared to its peak of USD 842.8m recorded on January 19, according to Dune Analytics.<\/p>\nAs reported, NFT data aggregator CryptoSlam<\/strong> argued in late January that wash-trades constitute a huge portion of LooksRare’s volume.<\/p>\n____<\/p>\n
<\/strong> – OpenSea Narrows Down List of Impacted Users, Still Looking for the Cause – Texas Man Sues OpenSea Over Stolen NFT, Asks for Over USD 1M in Damages<\/p>\n– OpenSea Boosts Valuation 9X as This NFT Giant Sets Four Strategic Goals – NFT Market Cools Down Once Again as Crypto Prices Heat Up<\/p>\n
– ETHDenver Hackathon Finalists Aim at These Pain Points Across DeFi, NFTs, DAOs, and Metaverse – What\u2019s Still Holding NFTs Back & How to Fix It<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Source: AdobeStock \/ Diego \u00a0 The trading volume across the major non-fungible token (NFT) marketplace OpenSea has been in a downtrend over the past week, possibly largely due to several incidents which led to users losing millions of dollars worth of digital assets. OpenSea’s trading volume is down more than 11% over the past day […]<\/p>\n","protected":false},"author":1,"featured_media":8692,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[43],"tags":[],"class_list":["post-8691","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft"],"yoast_head":"\n
OpenSea's Trading Volume Remains in a Downtrend Amid Recent Attacks | NFT & Crypto News<\/title>\n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n\t \n\t \n\t \n