NFT trading platform OpenSea successfully floats with consecutive monthly increases in transaction volume. Compared to July, the transaction volume in August increased 9.3 times to over $ 3 billion.
While the monthly volume drips in the billions, the daily transaction volume of OpenSea moves consistently in the multi-million dollar range with a daily transaction volume of more than 320 million US dollars. OpenSea saw monthly fees rise to over $ 215 million, along with an exceptional NFT sale that rose to more than 1 million in just one month, according to Dune Analytics. In addition, the number of active traders on the NFT trading and exchange platform has increased to 205,745 by the end of August.
Source: Dune Analytic
OpenSea successive increase in daily trading volume
Additionally, OpenSea’s daily trading volume exceeded $ 200 million on August 24, according to Dune Analytics. OpenSea’s record-breaking one-day trading volume with consecutive increases started at $ 125 million on August 21.
“As of August 21, the one-day trading volume has exceeded $ 100 million for four consecutive days. In addition, the number of registered users who have traded at least once on OpenSea exceeds 278,000, ”tweeted Chinese journalist Colin Wu.
OpenSea market share value exceeds 90 percent
OpenSea has enjoyed the monthly volume increase since April 2021. While August continued the increase, in the last month in July 2021 the monthly trading volume on OpenSea was also at an exceptional amount of 325.9 million US dollars. In addition, OpenSea recorded an outstanding market share of over 90 percent in July, from 90.5 percent ETH transfers in June to 96.3 percent in July, placing it at the top of the NFT marketplace.
With a market share of over 90%, OpenSea is now the most important basis for NFT transactions. For example, take a look at the “Percentage of monthly ETH transfers” indicator: OpenSea was 90.5% in June and 96.3% in July. pic.twitter.com/x32RqBXFxe
– Wu Blockchain (@WuBlockchain) August 3, 2021
NFT community is expanding
The remarkable increase in sales volume doesn’t surprise the NFT sphere in the context of the ongoing NFT madness in the marketplace. From traditional auction houses, multi-million dollar art galleries, commercial brands like Coca-Cola; Sports legends, social media giants like Facebook, and Hollywood studios like Marvels Entertainment have all started NFT offerings.
“New technologies, especially blockchain, have opened a new chapter in the development of the art market, led by ownership and guarantee of this property … 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.
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About the author
Journalism & Mass Comm. Palak is a ’21 graduate GenZ journalist with a background in lifestyle journalism and PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0