• NFT auctions have increased on the OpenSea platform since the end of July.
• The NFT auction platform will have the “Bored Ape Yacht Club” collection until September 9.
NFTs platform OpenSea has been trending since last month when it hit $3.4 billion in crypto trading volume. According to announcements, the non-fungible token trades have increased operations by 10 times since July.
The crypto company has improved its operations, and this has brought incredible interest in the NFT market. Blockchains such as Ethereum, Solana, and Smart Contracts are also linked to the rise in prices.
OpenSea moves up with NFT adoptions
The Mercuryo CEO, Petr Kozyakov, clarifies that many non-fungible tokens are created on the Ethereum Blockchain, increasing the token’s demand and value. Kozyakov says this based on the 20.09 percent increase in the Ethereum price in the last seven days, trading today at $3,927.
CryptoPunk has been the most attractive NFT project on OpenSea; the collection has 10,000 unique pieces. Recently, Visa bought a non-fungible token from CryptoPunk while auctioned; the piece was valued at $150,000.
As expected, this Visa participation in the OpenSea NFT market was enough to enhance the reputation of the crypto platform. Since Visa made the purchase, over 90 pieces from the collection have been sold. Faced with such crypto movements, the head of crypto at Visa, Cuy Sheffield, said his team is willing to work in the new financial market.
In 30 days, the CryptoPunks collection has recorded trading volumes of over 202,321 Ethereum. This figure translates to about $800 million depending on the value of the ETH token.
New NFT collections arrive on the auction platform
At the end of August, the Sotheby’s auction house was scheduled to close on Thursday, 9th of September. Sotheby’s published a collection of “Bored Ape Yacht Club” with more than 200 NFTs unique pieces valued between $13.5 million to $20 million in total.
OpenSea is also preparing to push new NFT collections for enthusiasts to buy. This North American platform has become a meeting place for all cryptos lovers and virtual images.
Fintech news platform PYMNTS finds it hard to believe that a person will pay cash for an art image like in NFT auctions. However, the e-commerce company 1st Dibs believes that the art world will be renewed, and cryptocurrencies are coming into the game.
The director of admissions at 1st Dibs, Sarah Liebel, says virtual art is developing naturally, and her platform is driving it. Liebel clarifies that how her team works with virtual art differs greatly from how other platforms do. OpenSea has been a great help to local artists looking to earn money from their art at NFT auctions.