NFT trading platform, OpenSea is enjoying success with continuous monthly volume growth. Compared to July, August saw a 9.3x increase in trading volume, totaling over $3 billion.
While monthly volumes are measured in billions, OpenSea has been running in multi-million dollar territory with over $320 million in daily trading volume. According to Dune Analytics, OpenSea experienced a rise in monthly fees to over $215 million, while NFT sales soared to over 1 million in just one month. In addition, the number of active traders on the NFT trading and exchange platform had increased to 205,745 by the end of August.
OpenSea’s daily trading volume has risen continuously
In addition, OpenSea’s daily trading volume topped $200 million on Aug. 24, according to Dune Analytics.OpenSea’s record-breaking one-day trading spree of consecutive rallies began with $125 million on Aug. 21.
OpenSea’s market share is worth more than 90%.
OpenSea is enjoying a rise in monthly transaction volume since April 2021. While the rise continued in August, OpenSea also saw an extraordinary amount of $325.9 million in monthly transaction volume in the last month of July 2021. Moreover, in July, OpenSea emerged with an outstanding market share value of over 90%, shifting from 90.5% ETH in June to 96.3% in July, putting it at the top of the NFT market.
OpenSea has now become a major base for NFT trading with a market share of over 90%.
The NFT community continues to grow
The significant rise in sales is no surprise to the NFT space against the backdrop of the ever-present NFT mania in the marketplace. From traditional auction houses, multi-million dollar art galleries, commercial brands like Coca-Cola; to sports legends, social media giants like Facebook, and Hollywood studios like Marvels Entertainment, everyone has taken to NFT products.
“New technologies, especially blockchain, have opened a new chapter in the development of the art market, led by ownership and the guarantee of such ownership …… This is an important stage in the development of the relationship between people and money and people and things.” –Mikhail Borisovich Piotrovsky, General Director of the Hermitage, said.