The largest non-fungible token (NFT) market in the crypto market, OpenSea has crossed the $ 10 billion volume milestone for the first time since its inception.
As per NFT data aggregator DappRadar, OpenSea incorporated around $10.35B of transactions since launching in December 2017. Ergo has maintained a long lead compared to other markets.
The platform has seen exponential growth this year, having processed $2.5 billion worth of trades for the first half of 2021. This milestone is just another feather on the ceiling of what is a hotbed for the NFT activity. However, here’s an interesting aspect; the daily transaction volume had declined a lot from the peak as seen in the chart below.
As highlighted by reporter Wu Blockchain, OpenSea could still to keep a daily trading volume of around 50 million – becoming one of the richest Dapps. OpenSea’s dominance has been partly aided by the wealth of individual NFT creators who have joined the platform.
The likes of Beeple and the corresponding sales are scarce, but many newcomers have found a home in OpenSea.
In addition to this, surging NFT game Axie Infinity ranked as the second-hottest NFT platform by lifetime volume. It has facilitated around $ 3 billion in NFT transactions since March 2018. This platform has certainly created a lot of buzz in the NFT space. Especially, after the launch of Katana, a DEX operating natively on Ronin.
Overview
The NFT boom isn’t just happening on Ethereum, with many projects launched on rival blockchains such as Solana. As covered before, the number of daily unique buyers saw a hike surpassing the 60k count as of 3 November, 2021.
This industry is set to grow as more celebrities and artists seek to take advantage of the NFT boom, the future of non-fungible tokens certainly looks bright.
