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As musicians flock to join the NFT craze, trade volumes on OpenSea have dropped by more than 90%

Transaction volume on the NFT marketplace has dropped by 99% since its peak in May, according to DappRadar. On August 28, OpenSea processed approximately $5 million in NFT transactions, compared to $405.75 million on May 1 of this year. The platform's trade volume has dropped 90% since its peak of $4.85 billion in January 2022.

OpenSea has also seen a significant drop in user numbers, which would explain the drop in transaction volume. Another noticeable effect of the 'crypto winter' is a decrease in the floor price for popular NFT projects. The floor price is the lowest bid that the seller will accept for the NFT. NFT owners can lower the floor price if no one bids or buys.

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