OpenSea surpassed $1 billion in gross market volume after a record few days

In the midst of the NFT frenzy, OpenSea surpasses $1 billion in trading volume!

Source: opensea.io

There is excellent news for OpenSea, the leading Ethereum-based NFT marketplace since it has gained the most from the recent NFT craze. According to crypto analytics and aggregator Messari, OpenSea has facilitated more than $1.02 billion in trade volume this year — a new all-time high for the total volume processed by OpenSea or any NFT platform!

OpenSea, which is built on Ethereum, is the primary decentralized NFT marketplace, offering listing, trading, and creation services. It has a strong NFT explorer and search engine. The platform has a modest fee for transacting on the platform and has a robust classification method for all different kinds of NFTs.

As seen in the tweet by @masonnystrom, OpenSea activity has been climbing at an astronomical rate, with historical data showing that the platform did only $473,000 in trading volume in 2018, a respectable $8 million in 2019, the steady growth of $24 million in 2020, and over $1 billion for the current year — truly commendable and excellent growth. The future is bright for OpenSea, as activity around NFTs is only getting started.

More impressively @opensea facilitated $1 billion in volume in 2021 alone!

2018 — $473k
2019 — $8 million
2020 — $24 million
2021 (YTD) — $1.02 billion

Just absolutely insane growth. pic.twitter.com/loH0jw5cqr

— Mason Nystrom (@masonnystrom) August 2, 2021

What Are Non-Fungible Tokens (NFTs)?

Non Fungible Tokens (NFTs) are one-of-a-kind tokenized digital assets that cannot be exchanged for cash. NFTs can be anything from art to collecting cards, a person’s time or services, game goods, domains, and so on. However, in this post, we will concentrate mostly on the artistic side of things. NFTs can be art, collecting cards, a person’s time or supplied services, gaming items, domains, and so on. In short, NFTs can be any tokenizable real virtual “asset.”

Source: Cryptoticker

Crypto Evangelist with Computing and Finance background.