NFT Marketplace OpenSea Surpassed $10bln in Sales
This past weekend, the non-fungible token (NFT) marketplace Opensea reached a milestone of $10 billion in total sales for the first time. According to statistics, 629,867 traders contributed to the $10 billion in sales, with the average selling price per NFT since the market’s inception being $872 per NFT since 2007. NFTs have grown more popular in 2021, and the trend is expected to continue until the year’s conclusion. Recently, Bitcoin.com News published an article about the nonfungible.com business and the market activity data provided by nonfungible.com.
According to the research, the third quarter of 2021 shattered records, exceeding the NFT metrics achieved in the first and second quarters. Currently, the top NFT marketplace Opensea has passed the $10 billion barrier in total NFT sales, which is a new record for the company. Opensea is the biggest NFT market in terms of all-time settlement, while Axie Infinity is the second largest NFT project in terms of total transaction volume. Axie Infinity has generated total sales of $2.99 billion throughout the course of its existence and has just opened an NFT marketplace.
One million three hundred and seventy-four traders have participated in the NFT game based on Ethereum, which accounts for 29.90 percent of Opensea’s total revenues. The company’s $10 billion in revenue comes on the heels of a $100 million capital round completed at the end of July. The Series B investment was headed by the venture capital company Andreessen Horowitz, with participation from investors such as Kevin Durant, Ashton Kutcher, and Tobi Lutke among others who contributed. Opensea was driven into the unicorn company category as a result of the capital raising as well.
Following the fundraising, however, Opensea’s management fired one employee after the cryptocurrency community accused the person of engaging in insider trading practises. Four days later, the Opensea marketplace debuted its smartphone application, allowing customers to access the NFT market from the convenience of their smartphones. In addition to Opensea’s Ethereum network compatibility, the NFT marketplace also makes use of the Polygon blockchain technology. Because of this, since August, the monthly Opensea volume on Ethereum has been declining month over month.
While the month of August had an all-time high in the number of Polygon-based Opensea transactions, the previous two months have seen a steady increase. According to Dune Analytics statistics, the month of September had the biggest number of monthly active traders that use Polygon-based Opensea transactions. According to dappradar.com stats, although Opensea has witnessed $10.25 billion in settlements, the average price of an NFT on Opensea throughout the course of its lifetime operation has been $872 per NFT.
According to Dune Analytics, the Art Blocks collection is the most popular among Opensea’s top 500 traders at the time of writing. The Bored Ape Yacht Club is the second most popular collection (BAYC). Immediately after Art Blocks and BAYC are Cool Cats, the Bored Ape Kennel Club (BAKC), and the Cryptotoadz.