Here's A Look At OpenSea's Impressive Growth As It Surpasses $1 Billion In NFT Transaction Volume

OpenSea, the world's largest NFT marketplace, has recently reached a major milestone -- surpassing $1 billion in NFT transaction volume.

More impressively, the milestone was achieved this year alone, and we are only at mid August, with a little more than four and a half months to go before the year ends.

https://twitter.com/oliverzok/status/1426402250872721410

In 2020, OpenSea facilitated just $24 million in transactions, and the volume surged to a record $1.14 billion, representing a growth of over 12,000% so far this year.

According to DappRadar, the total incoming value to OpenSea’s smart contracts increased to $56.07 million earlier this week compared to $73,556 in January. Meanwhile, the marketplace’s user count increased from 315 to 14,520 in the same period — a 4,423% increase.

Image Credit: DappRader

In the last 30 days, over 100,000 users interacted with the NFT marketplace, leading to a transaction volumeof over 1.14billion or 345 ETH.

OpenSea Daily Volume / Image Credit: Dune Analytics

OpenSea monthly NFTs sold / Image Credit: Dune Analytics

OpenSea motnhly active traders / Image Credit: Dune Analytics

According to Dune Analytics, the majority of the traction on OpenSea started in July and August, where collections like the Bored Ape Club and Pudgy Penguins were minted, attracting new users onto the platform.

The largest transacted volume on OpenSea was $2,645,132 for 1 NFT.

OpenSea is also witnessing a fast increase in the number of NFTs selling for more than $100,000 per NFT, suggesting that more and more crypto whales are treating NFTs as a new asset class among all the cryptoassets available.

Number of NFTs sold on OpenSea that is over $100,000 per NFT / Image Credit: Dune Analytics

If 2020 was characterized by a DeFi summer, it is definitely safe to say that 2021 is the year of NFT, where crypto enthusiasts are flocking into the NFT space, causing the values of NFTs to skyrocket.

For example, the hottest NFT collection over the past few days on OpenSea is the Party and Pudgy Penguin collection, which saw prices appreciate almost 30000% for the Party Penguin collection in just 7 days.

Data as of 14th August 2021 / Image Credit: OpenSea.

Party Penguins selling as high as over 2000 ETH ($6.66M at current ETH price)

Also Read: Not Just Digital Arts: Here’s A List Of All The Possible Use Cases Of NFTs