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NFT marketplace users and volume crater amid crypto crash

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Yahoo Finance Live’s Brian Cheung breaks down the chart of the day.

Video Transcript

BRIAN CHEUNG: Time now for our Chart of the Day, which comes as the biggest NFT, nonfungible token, fanatics descend on New York City for a big conference. But it's not a good time for those Bored Apes or CryptoPunks. This is data coming from DappRadar, which shows volume and users on OpenSea. That's a major NFT marketplace. It's cratered over the last week.

Normally, you would actually see volume somewhere around the neighborhood-- or actually, I guess when it peaks-- somewhere around 200 million in terms of just the amount of volume, which you can see on the right-hand side of the chart here. The number of users usually hovers around 40,000 to 50,000 during peak times.

You can see right now, the users somewhere close to about 5,000 and only about $3 million in volume right now. So very low liquidity, which is really creating a tough space for the NFT market. Not to say it's come to a full stop, but certainly not looking very liquid, at least for right now.