The leading peer-to-peer non-fungible token (NFT) market – OpenSea – has passed the $ 10 billion mark in absolute transaction volumes. Interestingly, this number stood at “only” $1 billion in until August this year.
10 billion dollars and account
Non-fungible tokens have become very popular throughout the current year, especially in its second half. Following the developments in the space, OpenSea – the hegemon in the NFT universe – has recently surpassed $10 billion in total trading volumes.
According to DappRadar, the number of merchants who took this milestone was over 630,000, while the average price of digital collectibles sold was around $ 872.
The success of OpenSea is significant, to say the least, since three months ago, its trading volumes were ten times less – $1 billion. In comparison, the total volume for the entire 2020 was just 21 million.
The results once again indicated that OpenSea is the most dominant market for the buying and selling of non-fungible tokens (NFTs). The second position belongs to Axie Infinity, with total trading volumes of a little over $3 billion, while CryptoPunks is third with $1.59 billion.
The road to the top
Before starting to dominate the NFT universe, in March of this year, OpenSea finalized a $ 23 million funding round led by venture capital firm Andreessen Horowitz, also known as a16z.
“Given the importance of this consumer layer in such a fast-growing area, it’s no surprise that OpenSea’s growth has been off the charts, with transaction volume growing 100x in the last six months,” the company noted back then.
Another development that splashed waters in the digital asset space this year was the Bored Ape Yacht Club. The collection of 10,000 unique digital images of monkeys were predominantly displayed on OpenSea as many NFT fans spent millions to acquire some of the collectibles. On one occasion, a single Bored Ape with serial number # 3749 was sold for 400 ETH or $ 1.3 million (at time of transaction).
Last but not least, many celebrities, actors, singers, and athletes joined the NFT craze throughout the year. The latest example came from Quentin Tarantino. One of the greatest filmmakers of all time has announced that he will be auctioning seven non-fungible “secret” tokens featuring uncut Pulp Fiction scenes on OpenSea.
“I’m excited to be presenting these exclusive scenes from PULP FICTION to fans,” said the director. “The Secret Network and Secret NFTs offer a whole new world of connection between fans and artists and I’m thrilled to be a part of it.”
