Opensea surpasses $10 billion in all-time sales

OpenSea has become the first nonfungible token (NFT) platform to conduct NFT deals in the eleven-figure range. This year, the platform has witnessed exponential growth, with the platform processing $2.5 billion in deals for the whole first half of 2021.

 

OpenSea has already processed $400 million in volume since the beginning of November, and $1.85 billion in the last 30 days. Axie Infinity, a thriving NFT game, is the second-hottest NFT platform by lifetime volume, having enabled $3 billion in NFT transactions since March 2018.

 

Despite OpenSea's supremacy in terms of settlement value, Axie has more than one million users compared to OpenSea's 637,000. While half of Axie users were active in the previous month, over two-thirds of OpenSea users were active during the same time period.

 

Axie has a tiny advantage over OpenSea in terms of overall number of deals, with 13 million vs 11.4 million. Dapp Radar lists Larva Labs' marketplace for its pioneering Cryptopunks NFT series as the third-largest trading platform in the industry, having processed $1.59 billion in transactions from only 5,236 users since June 2017.

 

NBA Top Shot, ranks fourth with $726.5 million from almost half a million users traders since June 2020, followed by Solanart, situated in Solana, with $519.2 million settled among 134,544 traders since July of this year. The Ethereum blockchain, which accounts for 97% of NFT volume, is largely used by the OpenSea marketplace. Secondary sales on the Ethereum network surpassed $2.2 billion last month.

 

Despite OpenSea's dominance in the NFT market, a growing number of NFT investors are turning to other blockchains with considerably cheaper transaction costs than Ethereum. Flow was utilized by 33% of NFT traders to trade nonfungibles at the start of October, while the WAX network was used by 25%.