Last updated on November 24th, 2021 at 10:52 am
OpenSea, the largest NFT marketplace in the crypto space, has reached $10 billion for the first time since its establishment in four years. Being the first NFT marketplace to launch on the Ethereum blockchain, OpenSea’s volume skyrocketed in the past, partly due to the boom in the NFT industry.
In August, OpenSea had a volume of $1 billion. But in the space of barely three months, its volume is up by about 900%.
In 2018, the company’s volume stood at $473,000; in 2019 $8M, in 2020 $24M and in 2021 $1.02B.
OpenSea and the NFT Boom…
NFTs are cryptographically unique tokens that can be linked to digital or physical assets such as artwork, music or videos. It’s important to note that many of the popular NFT series trade on OpenSea. The platform has also been instrumental in multi-million dollar sales.
OpenSea is miles away from other NFT marketplaces in terms of trading volume. Other Ethereum-backed marketplaces like Rarible and SuperRace have volumes of $263.97 million and $177.95 million respectively. However, the average price per sale on these two platforms is way higher than OpenSea, suggesting they are more famous for higher-ticket sale items.
Popular crypto game, Axis Infinity, is the second-highest-ranking platform by volume — $3 billion in total volume and over one million traders on its platform. By comparison, OpenSea has 635,698 traders on its platform, and Rarible 83,810.
Ethereum isn’t the only place where the NFT boom is taking place, many projects are launching on rival blockchains such as Solana. The NFT market seems to keep expanding with the involvement of celebrities.
