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NFT platform OpenSea tops $1.5 billion in 30-day trading volumes

Aug 23, 2021, 16:07 IST
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  • OpenSea is the world’s largest NFT marketplace.
  • The company recorded over 14,000 unique wallet addresses involved in transactions over the past 30 days.
  • Total volume on August 23 amounted to over $1.67 billion.
Non-fungible tokens, or NFTs, have been the rage over the past year. According to data from decentralised apps tracker DAppsRadar, 30-day trading volumes for NFTs on OpenSea have topped $1.56 billion.

OpenSea is the largest NFT marketplace in the world and recorded a volume increase of 542% over the last month, registering over half of its total lifetime trade volume of $2.423 billion during the period.

The growth comes at a time when crypto markets worldwide have been witnessing an upturn after a brief slowdown since April this year. Prices of cryptocurrencies like Bitcoin and Ethereum have appreciated too, with Bitcoin crossing the $50,000 mark for the first time since late April this year.

According to DAppsRadar’s data, OpenSea recorded over 181% user growth in the last 30 days, with over 140,000 unique wallet addresses involved in transactions. Over 1.57 million transactions took place with a total volume of around $1.67 billion.

Large NFT sales driving the market


The market has been driven by big sales, not only in terms of value but also because of who is selling these NFTs. The first half of 2021 has seen NFTs being minted by pop star Katy Perry and rapper Jay-Z to the founder of the Internet, Tim Berners Lee. Lee tied up with auctioneers Sotheby’s back in June to sell the source code of the Internet. The auction eventually fetched over $5 million.

But popular celebrities aside, NFTs have also gained prominence in sports, something that could drive a lot of new traders and buyers to the industry. Indian NFT platform, Ratio, announced a cricket-based NFT service last week, while billion dollar football clubs from all over the world have also jumped into the space. As has the United States’ National Basketball Association (NBA).

In fact, NBA Top Shots follows OpenSea in the fourth spot for top NFT selling platforms in the world right now. The platform was launched less than a month ago, on August 4. DAppsRadar reports that the platform has handled $1.728 million in trade volumes over the past 24 hours alone, with seven-day volumes crossing $7 million.

OpenSea’s growth is a boon for the industry, which has been fighting to gain credibility in different countries. Experts have said that interoperability, scalability, authenticity and storage could be a problem for platforms in future. OpenSea supports the Polygon ETH token right now, but doesn’t support the MATIC tokens that also runs on the Polygon platform. The company could use the growing trading volumes and sales to deploy new rules for the marketplace and increase authenticity.

For a more in-depth discussion, come on over to Business Insider Cryptosphere — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve.

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