NFT Mania: OpenSea’s Daily Trading Volumes Hit Record High of $78 Million

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The NFT craze is still around and the OpenSea marketplace has emerged as a hot destination and decentralized platform for trading non-fungible tokens (NFTs). Amid the ongoing NFT frenzy, OpenSea has hit another milestone with its daily trading volumes hitting a record high of over $78 million, on Sunday, August 8.

Courtesy: Dune Analytics

Furthermore, the OpenSea NFT platform has been hitting major milestones on multiple fronts. Let’s take a look at some of them:

  • Since April 2021, the monthly trading volumes have been increasing exponentially. Last month in July 2021, the monthly trading volume on OpenSea stood at $325.9 million. So far in August, the monthly trading volume has already jumped 15% to a whopping $473 million.
  • Last month in July 2021, the total NFTs sold on OpenSea stood at 458,052. In just the first nine days of August, we have already crossed the 50% market. So far this month, the total NFT sell count for August stands at 314,474.
  • Also, the OpenSea monthly active traders have really surpassed that of last month’s high. At present, the platform has over 64,000 monthly active NFT traders.

OpenSea Transaction Volumes Surpass $1 Billion

The Ethereum-based OpenSea NFT marketplace has seen a solid jump in the transaction volumes on its platform. As per the data shared by Messari last week, the cumulative trading volume on OpenSea this year has surpassed $1 billion.

Courtesy: Messari

This primary decentralized NFT marketplace offers NFT listing, trading and NFT creating services. Besides, OpenSea also has a powerful explorer and search engine for NFTs. The most prominent thing about NFTs is that it has a robust classification method for various NFTs as well as very modest transaction fee.

This insane growth puts OpenSea as one of the most preferred destinations to launch NFTs. OpenSea alone grabs a massive 90% share of the NFT market. Simultaneously, the NFT gaming market has seen exponential growth with trading volumes surpassing that of the DeFi market.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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