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Highlights
- In August, so far, it has registered monthly volume figures of more than US $1 billion
- OpenSea’s jump has coincided with Ethereum’s latest rally.
- OpenSea’s popularity has grown manifold, and it has overtaken UniSwap and Axie Infinity.
The Non-Fungible Tokens (NFT) has taken the cryptocurrency market by storm. Especially 2021 has seen an increase both in terms of users and trade volumes. The NFT marketplace has witnessed an increase in the number of assets being converted into NFTs. From musicians to gamers to artists, the NFT has been expanding its horizon with each passing day regarding the number of items being released as NFT.
NFT marketplace OpenSea recently saw the trading volume triple. In August, far, it registered monthly volume figures of more than US $1 billion or approximately 351,000 ETH, according to Ethereum data aggregator Dune Analytics. This is roughly 950% more than its previous record volume of US $325 million in July.
OpenSea, which debuted in 2017, is a popular NFT auction site. In July, it hit a valuation of US $1.5 billion following a Series B funding round led by Andreessen Horowitz. OpenSea reached a unicorn status.
NFTs have become a rage with celebrities and businessmen like Mark Cuban, the owner of Dallas Mavericks, Floyd Mayweather, rapper Jay-Z etc., announcing to promote their work through NFTs.
OpenSea’s jump coincides with the Ethereum rally
OpenSea’s jump has coincided with Ethereum’s latest rally. Ethereum has had a good bullish runoff late and has recovered from the recent lows of US $1,700 to a high of US $3,343. In fact, at the time of writing (BST 12 pm), ETH is currently trading at US $2,984.24 with a 24-hour trading volume of US $19,77,10,03,674. The second-ranked crypto has a live market cap of US $3,49,65,69,98,806. It has a circulating supply of 11,71,67,934 ETH coins.
OpenSea overtakes Uniswap and Axie Infinity.
OpenSea’s popularity has grown manifold, and it has overtaken UniSwap and leading NFT game developer Axie Infinity. Besides, according to the cryptocurrency website The Block data, OpenSea’s search volume on Google, has escalated. Many searchers now tend to associate OpenSea as one of the leading players in the NFT market.
While the last year belonged to Uniswap, the largest decentralised exchange on Ethereum, but the resurgence of NFTs has changed the game altogether. NFTs has put OpenSea, with it spending of US $1.9 million on transaction fees. In contrast, Uniswap V2 and V3 spent only $1.57 million.
A slew of NFTs launched on OpenSea
Investors put in millions of dollars worth of unique digital collector items via OpenSea. Mike Winkelmann sold an NFT for US $70 million across marketplaces such as OpenSea, thereby spiking the demand for NFTs. Blockchain-based NFTs have also seen the likes of Picasso being sold via various marketplaces. This recent slew of NFT projects, such as Sad Frogs District, Pudgy Penguins etc., has allowed the users to mint NFTs at the price of Ethereum.
Conclusion
The OpenSeas recent rise in the market and the price rally of Ethereum have helped the NFT market prosper and do well in the crypto market. Opensea, with its strong and bullish attitude and users’ interest, has the potential to maintain market dominance and will, in turn, help the NFT market achieve newer heights.
