OpenSea marketplace lengthens NFT dominance with $10B cumulative volume

OpenSea marketplace lengthens NFT dominance with $10B cumulative volume

As per the latest figures, OpenSea has become the first nonfungible token (NFT) marketplace that has processed 11-figures worth of NFT trades.

According to data aggregator Dapp Radar, OpenSea’s pioneering marketplace has reportedly hosted over $10.3 billion worth of transactions since it was launched in December 2017.

The platform has also witnessed exponential growth this year, having processed $2.5 billion worth of trades for the entire first half of 2021.

Since the beginning of this month, OpenSea has been noted to have processed $400 million worth of volume, and $1.85 billion.

The popular NFT game Axie Infinity currently ranks the second-hottest NFT platform as per its lifetime volume, with the facilitation of $3 billion worth of NFT transactions since March 2018.

Despite the dominance of OpenSea by settlement value, more than 1 million users have reportedly transacted on Axie in comparison to 637,000 on OpeanSea. 

However, about half of Axie users were active in the last one month, while almost two-thirds of OpenSea’s users were active over the same period.

Axie leads over OpenSea slightly by a total number of trades with 13 million in comparison to 11.4 million.

Dapp Radar’s data has ranked Larva Labs’ marketplace for its unique Cryptopunks NFT series as the industry’s third-largest trading platform, having facilitated $1.59 billion transactions from just 5236 users since June 2017.

The Flow-based basketball collectibles platform NBA Top Shot has ranked fourth with $726.5 million from roughly half a million users traders since June 2020, closely followed by the Solana-based Solanart with $519.2 million settling among 134,544 traders since July 2021.

OpenSea marketplace uses the Ethereum blockchain, that currently dominates the NFT market, accounting for 97 per cent of NFT volume. Last month, secondary sales over the Ethereum blockchain topped $2.2 billion.

Despite OpenSea’s dominance over the NFT sector, an increasing number of NFT investors are now focusing on rival blockchains that have significantly lower transaction fees than Ethereum.

At the beginning of October, 33 per cent of the total NFT traders used Flow for trading nonfungibles, while 25 per cent had speculated using the WAX network.