Thursday, December 2

Largest NFT platform reaches more than US$ 10 billion traded


The largest trading market for NFTs (non-fungible tokens), OpenSea, has transacted more than $10 billion in volume since it began operations four years ago when it pioneered an NFT platform on the Ethereum network.

The astronomical growth in trading volume on OpenSea was due to the overwhelming success that NFTs are becoming every day. In August alone, the platform reached the US$ 1 billion mark in total volume.

Several of the most important NFT projects, such as Bored Ape Yacht Club, are traded on OpenSea. In addition, several multi-million token sales were made using the platform as an intermediary.

The popularization of NFTs is not just limited to the Ethereum network. Ethereum’s main rival, Solana, also has several NFT projects on its network.

OpenSea

OpenSea’s success and the rapid rise of the NFT market attracted many investors. OpenSea recently completed a $23 million Series A funding round led by a16z in March 2021, ahead of the start of the current domain period. However, it had already experienced significant growth in its transaction volumes before that.

Since the beginning of 2021, OpenSea’s numbers have been steadily increasing. It recorded monthly trading volume of more than $1.5 billion in August 2021, with the majority of its trading volume taking place in the second half of 2021.

Opensea’s $10 billion mark follows the company’s $100 million capital increase in late July. Venture capital firm Andreessen Horowitz led the Series B round and investors such as Kevin Durant, Ashton Kutcher and Tobi Lutke also participated. The capital increase also propelled Opensea into the unicorn category.

After the funding, however, Opensea’s management fired an employee after the community accused the employee of trading inside information. Four days later, Opensea Marketplace launched its smartphone app so users could access the NFT marketplace using their mobile phones.

Although Opensea has seen $10.25 billion liquidated, Opensea’s average price over its entire operating life is $872 per NFT, according to dappradar.com metrics.

At the time of this writing, Opensea’s Top 500 Merchants according to Dune Analytics were the top sellers of the Art Blocks collection, followed by the Bored Ape Yacht Club (BAYC).

However, Axie Infinity can outperform the platform when it comes to the number of users, according to data aggregator Dapp Radar.

The adoption of the game has seen a jump as people look for alternative ways to make money. Its play-to-gain (P2E) model has sparked the development of other blockchain-based games and more focus on the role they play in the broader metaverse conversation.





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