- OpenSea NFT marketplace has recent achieved a new all time high
- The all-time sales volume of NFT tokens on the NFTs platform has crossed the benchmark level of $10 billion
- Its dominance has been helped by the wealth of individual NFT creators
- Although the market does not have the highest average in terms of the individual asset price, it has the highest volumes
OpenSea is one of the leading Non-Fungible Tokens marketplace. The Peer-to-Peer platform allows users to buy, sell, and trade rare crypto collectibles. Since the beginning of this year, the NFTs industry has seen significant growth. With the value of digital collectibles the sector’s total trade volume has skyrocketed. Simultaneously, OpenSea, the popular NFT trading platform has recently hit a new all-time high. The all-time sales volume of NFT tokens has crossed the benchmark level of $10 billion. With the latest achievement, the marketplace leads the sales volume by an enormous margin. And now the platform is dominating the NFTs world.
OpenSea is now dominating the NFT sector
According to the recent data from DappRadar, the total sales volume of NFTs on OpenSea stands near $10.33 billion. With the latest surge in volume it is observed that the NFTs marketplace is far and incredibly away in the lead from other similar marketplaces. However, still the latest milestone has been considered as another feather in the cap for crypto collectibles activity, as per experts in the industry.
Besides volume, DappRadar, has also released a popularity report of the NFT marketplace of last month. Notably, the report observed that more than two-third of the total crypto collectibles tokens volume fell under the top three marketplaces.
What helps the NFT marketplace dominate?
As OpenSea achieved a new milestone, it is observed that its dominance has been helped by the wealth of individual NFT creators. Such creators have specifically joined the platform. Although the likes of Beeple and the corresponding sales are significantly few and far. Still, several new creators in the industry have found a home in the OpenSea’s NFT marketplace.
On the other hand, the success of the platform in general has led to much capital puring in it. Hence, the platform completed a $23 million worth seeding round that was led by a16z in March 2021. Although the funds were acquired before dominating the market, the platform was already noting transaction volumes growing multifold.
OpenSea’s NFT market is far from most marketplaces
In the current scenario, OpenSea is dominating the crypto collectibles industry. It is worth noting that the platform is far from most popular such marketplaces. Although the market does not have the highest average in terms of the individual asset price, it has the highest volumes. Moreover, OpenSea has also dominated Ether burn rankings, with the average number of ETH burned at 58,924.