NFT Update: OpenSea monthly transaction volume crosses $3 Billion in August

NFT trading platform, OpenSea is swimming in success with consecutive monthly hikes in transaction volume. As compared to July, August saw 9.3 times increase in transaction volume, summing up to over $3 Billion.

While monthly volume dribbles in Billions, OpenSea’s daily transaction volume is consistently playing in the multi-million-dollar field with more than $320 Million in daily transaction volume. According to Dune Analytics, OpenSea experienced a rise in monthly fees to over $215 Million, along with an exceptional NFT sale hiking up to more than 1 million in just a month. Additionally, by the end of August, the active traders’ count on the NFT trade and exchange platform has increased to 205,745.

OpenSea consecutive rise in daily trading volume

Additionally, OpenSea daily trading volume crossed $200 Million on 24th August, according to Dune Analytics. OpenSea record-breaking single-day trading volume spree with consecutive hikes started on 21^st August with $125 Million.

“Since August 21, the single-day trading volume has exceeded 100 million US dollars for four consecutive days. In addition, the number of registered users who have traded at least once in OpenSea exceeds 278,000.”, tweeted Chinese Journalist, Colin Wu.

OpenSea market share value crosses 90 percent

OpenSea is enjoying the monthly volume rise since April 2021.  While August continued the hike, last month in July 2021, the monthly trading volume on OpenSea also stood at the extraordinary amount of $325.9 million. Furthermore, in July OpenSea saw the eminent market share value of over 90 percent, from 90.5 percent ETH transfers in June to 96.3 percent in July, placing it at the top of the NFT marketplace.

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 Community Expands

The remarkable rise in sales volume is unsurprising to the NFT sphere, in context to the ongoing NFT frenzy in the market. 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 such as Marvels Entertainment, everyone has begun NFT offerings.

“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.