Is OpenSea dying? Who still uses Binance? Here are some latest unexpected trends

Arcane Research studied the traffic of cryptocurrency platforms over the past three months. We also take a closer look at the troubling trend of falling NFT market activity in recent months, using the latest data from Xangle.

Situation on exchanges

According to Arcane Research (which used public data from SimilarWeb), the leader among the visitors of cryptocurrency exchanges over the past 90 days are U.S. citizens — they accounted for 14.33% of all visits. The second place is taken by South Korea. Russia is in third place in this ranking.

The interesting specifics of the leading exchanges were revealed:

• A significant part of the leader of the crypto market — Binance — are visitors from non-English-speaking countries (or, you may say, from the third world). In particular, this exchange is very popular in Turkey and Russia — these countries are the absolute leaders among the visitors to Binance. Interestingly, the analysts noted the following pattern: the top 7 countries in the Binance audience are the countries with very high inflation (without a single exception).
• The American audience, the most active and payable, is concentrated on Coinbase and FTX.
• Kraken (the only crypto exchange in the world that has a banking license) has gathered most of the EU audience.

Speaking about the total numbers — among the cryptocurrency platforms in the last 90 days, the leader was Binance with 300 million visitors, the second place for the NFT platform OpenSea, and third place went to Coinbase.

It should be noted that for the second place there is a constant fierce struggle between Coinbase and FTX, which have about the same size of audience, constantly changing positions with each other in different periods of research.

The fastest growing exchanges among the largest are FTX and Bybit.

The situation on NFT

Despite the excellent statistics for NFT on long timeframes, the trend at the end of summer has sharply degraded, which requires a separate review.

The collapse of active users of the largest NFT marketplace, OpenSea, reflects the situation very well:

Many experts are surprised by these statistics — it looks like OpenSea is rapidly dying. Some assure that it is only a seasonal decline during the vacation season, i.e., a temporary phenomenon.

To summarize, in the midst of the crypto winter, the situation in the NFT field is rather complicated and contradictory. Two examples can be given to illustrate the contrast in the market — positive and negative:

• Athletic wear manufacturer Nike received a record $185.3 million in NFT sales. And Nike traded an incredible $1.29 billion in total volume on its NFTs, a notable figure even for a large multinational company.
• At the end of this summer, the minimum price of tokens from Bored Ape Yacht Club’s famed NFT collection was recorded, falling to its lowest level in a year (67 ETH). This indicator is considered by many to be the most reliable indicator of the overall decline of the NFT market.

A lot of additional recent statistics on the NFT market can be found at this link.