NFT Marketplace OpenSea’s Daily Transaction Volume Surpasses Its 2020 Total

NFT Marketplace OpenSea’s Daily Transaction Volume Surpasses Its 2020 Total

OpenSea, a prominent NFT (non-fungible token) marketplace, is planning to increase its daily transactions more than it performed in the whole of 2020. The CEO and founder of OpenSea ‘Devin Finzer’ posted a tweet stating that the company had transacted more than $95M in just two days. He estimated that about $21M volume was processed by OpenSea during the entire of 2021. Thus, he mentioned, the platform has acquired an increase in the value of its regular transactions, which is up to 650 times bigger than 2020’s whole transaction processing.

The data from DappRadar brings forward that OpenSea is out-competing the other NFT marketplaces, such as Rarible as well as SuperRare, which currently represent $248,000 and $543,000, respectively. Rarible outperformed OpenSea during 2020 as it hosted a volume above $24M in the last year. At this time, OpenSea is standing at a 150 times bigger amount than Rarible’s volume. Since 2020, the regular volume of Rarible has increased by almost a quadruple. The data shown by Dune Analytics mentioned that SupeRare executed the transactions valuing over $6M during the recent year, which equates to $16,400 per day on average. In this way, the volume of SupeRare has extended beyond 33 times from 2020 up till now.

At the start of this year, the non-fungible sector has experienced a spectacular soar before its culmination in May. It has been reported at the beginning of June that the sum of NFT sales had previously plunged from the highest of the market by 90%. Apart from the market’s squeeze in June, the NFT trade outperformed by making $2.5B during 2020’s initial half period.

The data taken from DappRader reveals that OpenSea is at this time atop the NFT space in terms of volume, and the famous dApps like CryptoPunks as well as Axie are following it. Axie, a rapidly popularizing play-to-earn game, demonstrates $27.12M worth of per day transaction volume. Whereas about $5.5M valuing CryptoPunks have been transacted during the recent 24 hours. OpenSea has just acquired the most prestigious position after concluding a funding round of Series B at the valuation of $1.5B on 20th July. An announcement has been made by the platform during the funding round stating declaring the intentions of the company to introduce a gas-free forum on Polygon, along with a distribution on the NFT-based ‘Flow blockchain’  of Dapper Lab’s.