OpenSea Sees $1 Billion in Trading Volume in August

2021-09-03 23:50:40 Primitive Reading

Major non-fungible token (NFT) peer-to-peer marketplace OpenSea, has recorded a massive milestone, as its trading volume hit the $1 billion mark in August.

OpenSea’s Trading Volume Achieves Billion-Dollar Milestone

Tweeting on Tuesday (August 17th, 2021), OpenSea co-founder and CEO Devin Finzer announced the platform’s record trading volume. Earlier in August, the platform’s transaction volume saw a massive $95 million in 48 hours, which exceeded the entire volume registered in 2020.

OpenSea just hit $1B in trading volume for the month of August so far.

And it’s still day 0 for NFTs.

— Devin Finzer (dfinzer.eth) (@dfinzer) August 17, 2021

According to data from DappRadar, OpenSea has processed over 385,500 ETH worth $1.2 billion in trading volume in the last 30 days. This figure signals an astronomical increase of 932.68%.

Indeed, the $1 billion mark recorded on OpenSea is an indication of the growing use and adoption of NFTs. Celebrities, artists, sports clubs, musicians, among others continue to tap into the nascent industry by launching their various digital arts.

As reported by CryptoPotato earlier in August, New York-based American entertainment giant Marvel Entertainment unveiled the first set of NFTs of one of its comic superheroes, Spiderman, which sold out in under 24 hours. The company later launched the Captain America digital collection series.

Back in July, New York Knicks, an American professional basketball team partnered with enterprise NFT solution Sweet to launch five limited editions of 3D NFT Knicks tickets. The sector has also penetrated the government landscape, as Isreal’s new President received a digitalized copy of the original oath signed by the President’s father.

The NFT Market is at the Embryonic Stage

Meanwhile, OpenSea’s CEO believes that the sector is still relatively new, with Finzer earlier stating that NFTs could become the new internet.

Part of his recent tweet said, “it’s still day 0 for NFTs”. If non-fungible tokens are still indeed at day 0, then OpenSea’s significant trading volume is perhaps a precursor to even more astronomical activity once their mainstream penetration reaches node lambda.

A combination of viral memetic appeal and the novelty of decentralization could push platforms like OpenSea to record even greater success.

The NFT marketplace giant earlier raised $100 million in a Series B funding round led by Andreessen Horowitz. Coupled with previous funds raised, the company’s market valuation stands at $1.5 billion.

OpenSea is also looking to add support for multiple blockchains, which would make it the first cross-blockchain NFT marketplace.

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