TL;DR Breakdown
- OpenSea market volume touches above $10 billion.
- The network has hosted series of NFTs since its inception.
- NFT market continues to boom.
The popularity and the massive rewards of the non-fungible token sector of the crypto market has endeared a lot of traders to the industry. This one move has seen the volume of famous NFT platforms skyrocket in the last few months. In a new report across the crypto sector, famous NFT marketplace, OpenSea has announced the facilitation of about $10 billion in transactions across the industry. This is the first time the company will be topping such figures since its operations began in 2018.
OpenSea has hosted series of NFTs since 2018
OpenSea is the first-ever NFT platform to make its debut on Ethereum and has seen its valuation increase rapidly with the mainstream adoption in the NFT sector. Non Fungible Tokens are unique digital assets that are tied to assets that are most times physical. The assets in question can be videos, pictures, and even music.
Asides from hosting sales of more than a hundred million, OpenSea has also welcomed series such as Bored Ape Yacht Club on its platform. Compared to other platforms in the NFT space, the network’s valuation is miles ahead. To put it into calculations, fellow Ethereum competitors of the platform Rarible and SuperRare.co have a combined volume of about $440 million. However, both platform boasts a price per sale that is higher than the one hosted on OpenSea.
This shows that the platforms are only used as a medium to carry out sales of higher denominations compared to OpenSea. Axie Infinity, which is regarded as the second-best behind OpenSea, boasts a volume of about $3 billion. Compared to OpenSea’s 635,698 users, Axie Infinity boasts a user base of more than one million.
The NFT market continues to boom
The NFT fever is not only visible on Ethereum based platforms as other platforms built on chains such as Solana are seeing massive returns. Filmmaker Tarantino Quentin announced last week that he would launch his NFTs on Secret Network. With that, the producer wants to allow seven fans to view some of the behind-the-scenes footage of Pulp Fiction, his latest movie. To achieve this, Tarantino will ensure the metric data of the tokens are encrypted using the private networks of the platform. With more people entering the NFT market, it is only a matter of time before OpenSea reaches another landmark figure.
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