$10 Billion: OpenSea Celebrates Reaching a New Trading Volume Milestone

OpenSea, the world’s largest peer-to-peer non-fungible token (NFT), marketplace for peer-to-peer trading, has crossed $10 billion in total trading volume. This number was “only” $1 million in August 2012.

$10 Billion And Counting

The popularity of non-fungible tokens has increased throughout the year, particularly in its second half. OpenSea, the NFT universe’s hegemon, has just recently exceeded $10 billion in trading volume.

DappRadar reports that more than 630,000 traders were responsible for this milestone, and the average selling price of digital collectibles was $872.

OpenSea’s success is remarkable, to be sure. Three months ago, the trading volumes of OpenSea were only ten times as high – $1 billion. Comparatively, the total volume of 2020 was only 21 million.

OpenSea was again the dominant marketplace for selling and buying non-fungible tokens. AxieInfinity is in second place with a little more than $3 billion in total trading volume, while CryptoPunks comes third with $1.59 million.

The Road to the Top

OpenSea was a dominant player in the NFT space before it raised $23 million from Andreessen Horowitz (also known as a16z), in March.

OpenSea noted that, “Given how important this consumer layer is in such a fast growing area, it’s not surprising that OpenSea has grown off the charts with transaction volume growing 100x over the past six months,” they stated back then.

Bored Ape Yacht Club was another development to make waves in the digital asset space. OpenSea was the main platform for this collection of 10,000 digital images of monkeys, as NFT enthusiasts spent millions on these collectibles. One Bored Ape, serial #3749, was sold for 400 Ethereum or $1.3 Million (at the time of the transaction).

Not to be overlooked, many actors, singers, athletes, and celebrities joined the NFT craze over the course of the year. Quentin Tarantino was the latest to join the NFT craze. Quentin Tarantino, one of the most acclaimed filmmakers ever, announced that he would auction seven non-fungible tokens containing uncut Pulp Fiction scenes from OpenSea.

The director said, “I’m thrilled to be presenting these special scenes from PULP Fiction to fans.” Secret Network and Secret NFTs offer a new way to connect fans and artists, and I’m delighted to be a part.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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