OpenSea’s daily volume exceeding its 2020 total

OpenSea’s daily volume exceeding its 2020 total
OpenSea, the leading non-fungible tokens (NFT) marketplace, is currently witnessing more transactions on a daily basis as compared to the entire year in 2020.

Co-Founder and CEO of OpenSea, Devin Finzer, had tweeted on August 2 that the platform had at present processed $95 million transactions within only two days. He estimated that on the whole, OpenSea had processed a $21 million volume of exchanges in the year 2021 so far, indicating that the marketplace has been enjoying increasing daily transactions that is more by 650 times than what it was in 2020.

Data from DappRadar shows OpenSea’s rival NFT marketplaces Rarible and SuperRare processing a volume of $248,000 and $543,000, respectively. Rarible had outdone OpenSea in 2020 by hosting over $24 million worth of volume the previous year, but now OpenSea represents about 150 times more than Rarible’s volume. Despite sliding down the top position, Rarible’s daily volume has risen by almost quadruple since 2020.

SupeRare has processed about $6 million in transactions in the past year, equaling to nearly $16,400 per day on average, according to data from Dune Analytics. Hence, SupeRare’s volume has surged more than 33 times in comparison to the year 2020’s.

Data from Cointelegraph shows that the NFT sector has seen meteoric growth at the beginning of 2021 before topping out in the month of May, with Cointelegraph reporting that the total NFT sales volume has declined by 90 per cent in early June. Despite the marketplace seeing a decline in June, NFT sales were the highest at $2.5 billion by June 2021.

DAppRader records that OpenSea is presently leading the NFT sector by volume, followed by CryptoPunks and DApps Axie Infinity. The rising play-to-earn game, Axie, represents $27.12 million daily transactions volume, whereas over $5.5 million CryptoPunks have changed hands since the past 24 hours.

OpenSea has attained unicorn status following a closing of a $100 million Series B funding round at a $1.5 billion valuation as of July 20. As part of the funding round, OpenSea has announced plans to launch a “gas-free” marketplace on Polygon and a deployment on Dapper Lab’s NFT Flow blockchain.