Over the previous weekend, OpenSea users exchanged $95 million in non-fungible tokens. This is about five times the amount of money the platform will earn up to the end of 2020.
OpenSea, a prominent marketplace for non-fungible tokens (NFTs), produced $95 million in trading volume over the weekend. This almost fivefold increases in volume over the year 2020 represented almost five times more volume than what was traded throughout the year itself.
In 2020, OpenSea did about $21M in total transaction volume.
In the last two days, we did $95M.
The growth curve for NFTs is insane.
— Devin Finzer (dfinzer.eth) (@dfinzer) August 2, 2021
The new record for the business is remarkable, but not unexpected, given that the company just received another $100 million in a Series B financing round.
OpenSea is now in the same league as such well-known behemoths as SpaceX, Stripe, Revolut, and many more. OpenSea is also seeing an increase in the number of NFT transactions.
4/ @OpenSea extends its market share lead at the expense of, well, almost every other NFT marketplace despite not having a token. This further cements OpenSea’s position as the market leader for NFT marketplaces with no signs of slowing down. pic.twitter.com/Bty97oD04V
— Delphi Digital (@Delphi_Digital) August 2, 2021
Digital certificates of ownership issued in the form of unique crypto tokens are becoming more popular among collectors who are willing to spend tens of millions of dollars for them.
More precisely, OpenSea’s latest transaction volume record coincided with the rising average price of CryptoPunks, an early collection of pixelated avatars (called NFTs) designed to be used in virtual worlds. During a massive influx of unknown crypto whales, this set increased by over 50% since its initial launch.
What is OpenSea?
OpenSea is a decentralized marketplace for buying, selling, and trading non-fungible tokens (NFTs). OpenSea bills itself as the world’s largest marketplace for digital products. As a result, it’s worth taking a deeper look at OpenSea and the value it brings to NFT trading.
Fungible tokens vary from NFTs in that they have distinct features and identities and are not interchangeable. NFTs may also be thought of as representing things rather than money.
OpenSea, which launched in January 2018, was the first decentralized NFT marketplace. As you can see, NFT markets are quite young. After witnessing CryptoKitties in action, co-founders Alex Atallah and Devin Finzer felt the ecosystem was ripe for an NFT marketplace.
Since then, both OpenSea and NFTs, in general, have seen considerable development. Mark Cuban, Gary Vaynerchuk, and Chamath Palihapitiya, among others, have lately shown interest in the area. Logan Paul also used OpenSea to promote the debut of his first NFT, which earned him almost $3.5 million.