• NFT Madness: OpenSea’s Daily Trading Volumes Reach a New High of $78 Million

  • The non-fungible token craze is still alive and well, and the OpenSea marketplace has emerged as a popular destination and decentralized platform for trading non-fungible tokens (NFTs). In the midst of the ongoing NFT frenzy, OpenSea reached another milestone on Sunday, August 8, when its daily trading volumes reached a record high of more than $78 million.

    Furthermore, the OpenSea NFT platform has reached significant milestones on a number of fronts. Let us look at a few of them:

    exponentially. The monthly trading volume on OpenSea was $325.9 million in July 2021. So far in August, monthly trading volume has increased by 15% to a whopping $473 million.

    The total number of NFTs sold on OpenSea in July 2021 was 458,052. We have already passed the 50% market in the first nine days of August. So far this month, the total number of NFTs sold in August is 314,474.

    Also, the monthly active traders on OpenSea have surpassed the previous month’s high. The platform currently has over 64,000 monthly active NFT traders.

    Transaction Volumes on OpenSea Exceed $1 Billion

    Transaction volumes on the Ethereum-based OpenSea NFT marketplace have increased significantly. According to Messari’s data from last week, the total trading volume on OpenSea this year has surpassed $1 billion.

    This primary decentralized NFT marketplace provides services for NFT listing, trading, and creation. In addition, OpenSea includes a robust NFT explorer and search engine. The most notable feature of NFTs is that they have a robust classification method for various NFTs as well as a very low transaction fee.

    Because of this incredible growth, OpenSea has become one of the most popular destinations for launching NFTs. OpenSea alone controls a whopping 90% of the NFT market. Simultaneously, the NFT gaming market has grown exponentially, with trading volumes exceeding those of the DeFi market.

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