• OpenSea weekly NFT sales exceed $1 billion for the first time

  • OpenSea, the ethereum-based NFT marketplace, saw a record weekly trading volume of $1.14 billion, up 170% from the previous week.

    NFTs, or non-wind tokens, are blockchain-based tokens that can prove ownership of digital items, such as images or video files, or physical assets.

    OpenSea is a popular marketplace for trading NFT art collectibles such as CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins.

    So far, the marketplace has facilitated $2.49 billion worth of transactions in August, already 66 percent more than the previous record of $326 million set last month.

    The next most popular marketplace this month is SuperRare, which has recorded $23 million. Foundation is in third place with $14 million.

    While some projects like NBA Top Shot are built on the Flow blockchain, most NFTs are housed on Ethereum. On Ether, OpenSea dominated the market: 98.3% of the month’s Ether-based NFT activity took place on OpenSea.

    OpenSea’s recent uptick began when its daily trading volume jumped from $13.4 million on July 30 to $39.4 million the next day, an all-time high at the time, according to analytics site Dune Analytics.

    Since the surge in OpenSea’s trading volume, the market has set and broken record after record. On Tuesday, OpenSea’s daily trading volume reached a new peak of $208 million, breaking the record of $193 million set last Sunday. The third highest daily trading volume was $178 million, achieved yesterday.

    The July 31 surge was due to a trading frenzy for CryptoPunks avatars, driving the four-year-old NFT program’s daily volume from $1.8 million to $41.5 million in one week. According to OpenSea, the program’s total sales are now over $1 billion and its trading volume is up 649 percent.

    While CryptoPunks is not counted in the market’s trading statistics, the frenzy surrounding this top collectible item has certainly helped OpenSea increase its numbers.

    Other NFT items are only traded on OpenSea, and there are many new collectibles popping up this month.

    OpenSea leads ethereum NFT renaissance with $1.2 billion in monthly trading volume

    Bored Ape Yacht Club, the NFT project that NBA star Stephen Curry aped into this morning, broke its daily trading record with $39 million in sales.

    Demand for CryptoPunks surged after Visa announced it had purchased one of the avatars for $165,00 on Monday. While that’s a small number for a payments giant like Visa, it’s a big step forward for a once obscure NFT program.

    This week has been OpenSea’s best week yet. The pressure is definitely on for the market to continue moving upwards.

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