Leading NFT Marketplace Opensea Exceeds $10 Billion in Total Sales

November 8, 2021 - Around 2 mins mins to read

Opensea, a non-fungible token (NFT) marketplace, surpassed $10 billion in total sales this weekend. According to statistics, 629,867 traders contributed to the $10 billion in sales, with the average sale price since the NFT market’s inception being $872 per NFT.

Leading NFT Marketplace Opensea Exceeds $10 Billion in Total Sales 2

NFTs have become very popular in 2021, and the trend is expected to continue until the end of the year . According to a report, the third quarter of 2021 broke records, surpassing the NFT metrics recorded in Q1 and Q2. Opensea, the world’s leading NFT marketplace, has now surpassed $10 billion in total NFT sales.

In terms of all-time settlement, the platform is the largest NFT market, and Axie Infinity is the second largest NFT project. Axie Infinity has a total sales volume of $2.99 billion and has recently launched an NFT marketplace. Axie Infinity sales account for 29.90% of total sales, and the Ethereum-based NFT game has seen 1,031,704 traders.

The company’s $10 billion in sales comes on the heels of a $100 million capital raise at the end of July. The Series B round was led by venture capital firm Andreessen Horowitz, with investors including Kevin Durant, Ashton Kutcher, and Tobi Lutke also participating. The capital raise catapulted Opensea into the unicorn company category.

However, following the funding, the platform’s management fired an employee after the cryptocurrency community accused the employee of insider trading. Four days later, the Opensea marketplace launched its smartphone application, allowing users to access the NFT market via their smartphones.

The NFT marketplace uses Polygon in addition to Opensea’s Ethereum network support. Since August, the monthly Opensea volume on Ethereum has been decreasing month over month. While August saw an all-time high in Polygon-based Opensea transactions, the last two months have been relatively stable. According to Dune Analytics data, September has the highest number of monthly active traders using Polygon-based Opensea transactions.

While the platform has been settled for $10.25 billion, the average price over its lifetime of operation is $872 per NFT, according to dappradar.com metrics. According to Dune Analytics, the Art Blocks collection is the most traded collection on Opensea at the time of writing, followed by the Bored Ape Yacht Club (BAYC). Cool Cats, Bored Ape Kennel Club (BAKC), and Cryptotoadz follow Art Blocks and BAYC.

Patrick

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