Data indicates the non-fungible token (NFT) marketplace Opensea has crossed $20 billion in all-time sales. The leading NFT marketplace has seen more than 1.2 million traders leverage the platform since the market’s inception in 2017.
1.2 million Opensea merchants and $20 billion in sales volume
Metrics show the Opensea NFT market has surpassed $20 billion in all-time sales volume, according to dappradar.com. The NFT marketplace was created five years ago by entrepreneurs Devin Finzer and Alex Atallah.
Opensea allows users to sell NFTs at a fixed price and they can also leverage the auction method to sell their non-fungible tokens. When the market started in 2017, Ethereum was the blockchain of choice but recently Opensea has added support for the layer-two (L2) Polygon blockchain network.
Data from Dune Analytics shows that Opensea’s trade count and USD volume have increased over the past 30 days. At the time of writing, statistics from dappradar.com indicate that 30-day sales have increased by 35.17%.
While Opensea is the leading NFT marketplace today, the new entrant Looksrare has been a competitor. Data shows that the NFT market Looksrare’s all-time volume is $14.68 billion, but Lookrare’s trade volume is considered contestable.
Sales figures for Looksrare were adjusted on analytics web portals because the market would have been “hit by washtrading”.
Opensea has a slew of competitors like Rarible, Magic Eden, Atomic Market, Superrare.co, Foundation, Digitaleyes Market, and more. However, Magic Eden, processing the highest number of sales out of the aforementioned NFT markets, has only seen $582.31 million in all-time sales.
Axie Infinity, on the other hand, handled $4.08 billion in all-time sales, ranking the project third in terms of NFT sales amount, behind Opensea and Looksrare.
Prior to the $20 billion in all-time sales, Opensea acquired Dharma Labs and in January the company raised $300 million, propelling the firm’s valuation to $13.3 billion.
