OpenSea Becomes NFT Marketplace Leader With 90% Market Share

The peer-to-peer non-fungible token (NFT) marketplace, OpenSea has skyrocketed in just a month, from 90.5 percent ETH transfers in June to 96.3 percent in July. The company has seen an exceptional market share value of over 90 percent, placing it at the top of the NFT marketplace. Chinese journalist, Colin Wu reported the hike in stats on Twitter today.

OpenSea has now become the main base for NFT transactions, with a market share of more than 90%. For example, just look at the indicator "percentage of monthly ETH transfers", OpenSea in June was 90.5%, and in July it was as high as 96.3%. pic.twitter.com/x32RqBXFxe

— Wu Blockchain (@WuBlockchain) August 3, 2021

NFT popularity has gained mass attraction in the past few months, seeing a sudden rise in sales volume during the second half of the year. The first half of 2021 saw $2.5 billion in NFT sales, as compared to minimal sales of $13.7 million during the first half of 2020. OpenSea, being one of the biggest and most diverse NFT marketspaces has also witnessed a hike in sales, including nearly $150 million in NFT sales during June.

Tokenizing Traditional Spheres

From traditional auction houses and multi-million-dollar art galleries; to the commercial arena and sports, everyone has begun NFT offerings. Auction house Sotheby, known for its traditional approach, recently called on to its native customers during the “Natively Digital: A Curated NFT Sale” auction run. After its first NFT auction, including the sale of NFT by digital artist Pak, for $16.8 million, along with the image of a single-pixel that sold for $1.36 million; Sotheby is now reaching out to more traditional buyers to invest in NFTs.

The Hermitage – one of the largest museums in the world also tokenized its preserved pieces. Its limited series NFT collection includes profound artworks such as Madonna Litta (Leonardo da Vinci), Judith (Giorgione), Lilac Bush (Vincent van Gogh), Composition VI (Wassily Kandinsky), Corner of the Garden at Montgeron (Claude Monet).

“New technologies, in particular blockchain, have opened a new chapter in the development of the art market, led by the ownership and the guarantee of this ownership…This is an important stage in the development of the relationship between person and money, person and thing.”, – said the General Director of the Hermitage Mikhail Borisovich Piotrovsky.

Many thought the buzz around the NFT market would die down after the first half of the year, however, the craze has reignited as more investors find the NFT market lucrative.