The price of Ethereum has been trending down because investments in other altcoins has been taking away the share in the pie. Some experts have to state that Ethereum price decline might be related to direct transfer of NFT form the OpenSea Market place. This is because most of the NFTs are hosted on Ethereum blockchain.

OpenSea is a peer-to-peer marketplace for NFTs, rare digital items and crypto collectibles. It is a place where users buy, sell, auction, and discover CryptoKitties, Decentraland, and lot more.

Open Sea expressed:  Attn Twitter fam! Today we’re excited to see Twitter launch their new NFT Profile Pictures feature, powered by OpenSea’s API.

Interest in NFTs has exploded, and PFPs are among their earliest mainstream consumer applications. For some, they’re used as a form of digital identity and self-expression that signals membership within a community and ownership of a given NFT.

As these signifiers open doors for conversation + community across social platforms, we want to make it easier to showcase NFTs, their creators, and the role they play in digital ID. So, we’ve partnered with Twitter to power their new NFT Profile Pictures verification feature

Using OpenSea’s API, metadata, and collection verification, the integration allows you to verify ownership seamlessly and uncover key NFT information, including: the NFT name, its original creator, its collection description and additional properties of the artwork.

Once authenticated, the NFT will be displayed as a soft hexagon across all Twitter surfaces where your avatar is visible. And if you tap on the avatar, you’ll get detailed info about the NFT, creator, and collection. Let us know what you think.

Otherwise, Etherscan data, reportedly points to how OpenSea has been dropping thousands of ETHs on the market over the past few weeks.  Similar stats report that NFT creators on the platform have made a profit. The volume of NFT that is trading on OpenSea is continuing to rise ever since January.

Eversince January 2022, OpenSea, has shown extraordinary NFT sales.  The monthly NFT sales on OpenSea currently exceeds $ 4.5 billion. This amount is expected to increase further.  This surpasses their previous monthly sales record of $ 3.5 billion.

Reportedly, Ethereum exit levels have risen steadily over the past two weeks. About 21,000 Ethereum was transferred directly from OpenSea’s wallet to Coinbase.  As the sales of NFTs increase, the value transferred in royalties and direct transactions from OpenSea also increases. The rapid increase of the NFT market will boost Ethereum’s reach through transactions like that which happened with Coinbase. 

The increase in Ethereum’s supply from OpenSea to Coinbase has increased the sales pressure.  Previously, an increase in selling pressure led the altcoin’s price to decline. Several other fundamental factors can also lead to the crypto market crisis, including widespread selling trend in response to the US Federal Reserve’s policy change. The change in Russia’s policy direction towards crypto is also an important factor to consider.