OpenSea's volume plunges 99% in 90 days

OpenSea has witnessed a 99 percent drop in volumes in the past 90 days from its record high as fears about a potential market bubble grow.

Notably, on August 28, the world's largest NFT marketplace processed nearly $5 million in NFT transactions, which is 99 percent less than its record high of $405.75 million on May 1.

The drops in daily volumes corresponded with equally precipitous drops in OpenSea users and transactions, implying that the value and interest in these blockchain-based collectibles have waned in recent months.

This is reflected in falling floor prices, such as Bored Ape Yacht Club, which fell by 53 percent to 72.5 ETH on August 28 from a high of 153.7 ETH on May 1.

Similarly, the floor price of CryptoPunks, another popular NFT collection, has fallen nearly 20% from its July high of 83.72 ETH.