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Exceeded $10 billion in NFT platform’s largest transaction volume

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As the largest non-fungible token (NFT) trading marketplace, OpenSea has traded over $10 billion USD since it started operating four years ago when it pioneered the NFT platform on the Ethereum network.

The astronomical increase in OpenSea trading volume is attributable to the great success of NFTs every day. In August alone, the total trading volume of the platform reached $1 billion.

Some of the most important NFT projects, such as the Bored Ape Yacht Club, are all traded on OpenSea. In addition, millions of tokens were sold through the platform.

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

out of the sea

The success of OpenSea and the rapid growth of the NFT market have attracted many investors. OpenSea recently completed a $23 million Series A financing led by a16z in March 2021, before the start of the current domain term. But before that, trading volume increased significantly.

Beginning in early 2021, the number of OpenSeas has been steadily increasing. In August 2021, monthly turnover exceeded $1.5 billion, most of which occurred in the second half of 2021.

Opensea hit $10 billion after raising its capital by $100 million at the end of July. Venture capital firm Andreessen Horowitz led the B round financing, with investors including Kevin Durant, Ashton Kutcher and Tobi Lutke also involved. Capital increases have also pushed Opensea into the unicorn category.

However, after securing the funds, Opensea’s management fired the employee after the community accused the employee of trading inside information. Four days later, Opensea Marketplace launched a smartphone application that allows users to access the NFT marketplace using their mobile phone.

According to metrics from dappradar.com, Opensea liquidated $10.25 billion, but the average price of Opensea over its entire operating cycle is $872 per NFT.

According to Dune Analytics at the time of writing, Opensea’s top 500 merchants are the best-selling items in the Art Blocks series, followed by Bored Ape Yacht Club (BAYC).

However, according to data from data collector Dapp Radar, Axie Infinity outperforms the platform in terms of number of users.

The game’s adoption has skyrocketed as people are looking for other ways to make money. The gaming revenue (P2E) model has led to the development of other blockchain-based games, with more attention paid to the role of games in the broader meta-space conversation.

Information source: Compiled by LIVECOINS with 0x information. The copyright belongs to the author, and unauthorized reproduction is prohibited.

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