Notably, the marketplace executed about $5 million in NFT transactions on August 28 — roughly 99% less than its record high of $405.75 million on May 1. The precipitous decreases in daily quantities coincided with equally sharp drops in OpenSea users and transactions, implying that the value and interest in blockchain-based collectibles have waned in recent months.

This is also reflected in the leading digital collectable projects' lowering floor pricing — the minimal amount one is willing to pay for an NFT. For example, the floor price of the Bored Ape Yacht Club fell 53% to 72.5 ETH on August 28 from a peak of 153.7 ETH on May 1. Similarly, the floor price of CryptoPunks, another popular NFT collection, has fallen over 20% from its July peak of 83.72 ETH.