OpenSea trading volume explodes 76,240% YTD amid NFT boom

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Trading volume on the peer-to-peer non-fungible token (NFT) OpenSea marketplace increased by over 12,000% in 2021.

Data from DappRadar shows that the total value of inbound smart contracts from OpenSea rose to $ 56.07 million on Wednesday, compared to $ 73,556 on Jan. 1. In the meantime, the number of users on the marketplace rose from 315 to 14,520 in the same period – an increase of 4,423%.

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Historical OpenSea activity. Source: DappRadar

Much of the surge in OpenSea’s trading volume occurred after June. At the beginning of the month, the capital pouring into the marketplace’s smart contracts was only $ 3.6 million. But by Sunday it had risen to over $ 71.238 million.

In addition, OpenSea processed 1.18 million transactions valued at $ 1.06 billion in the last 30 days alone. According to Messari, the cumulative volume of the marketplace since Aug. 2 was $ 1.02 billion.

NFT boom

OpenSea’s happy performance surfaced earlier this year amid a surprising boom in the NFT space.

Investors bought multi-million dollar unique digital collectibles, be it a photo, meme, music album, basketball highlight, collage, tweet, video, etc. sold an NFT for $ 70 million, what one Triggered a flood of digital collectibles on marketplaces like OpenSea and Rarible.

In some cases, letter prices for blockchain-based NFTs depicting paintings by Picasso and Monet were the same as the prices of the physical works of art. Lately, CryptoPunks have attracted the most investments in the NFT space, nearly $ 207 million in revenue in just one week.

The blockchain-based gaming platform Axie Infinity, which enables the sale, purchase and breeding of digital pets (NFTs) again, posted record sales growth of 6,500% through the end of July. While Stoner Cats, an animated show about cannabis smoking cats, sold its collection of NFTs for around $ 9 million.

Sales are increasing, but active wallets are important

Research platform Dune Analytics found that total sales for NFTs increased to $ 2.5 billion in the first half of 2021, compared to $ 13.7 million in the first half of 2020.

OpenSea’s average daily fee income in 2021 was $ 4.2 million, about 7% higher than the decentralized exchange service Uniswap. In June, it posted record sales of $ 150 million in crypto collectibles.

OpenSea NFT sales in the past few months. Source: OpenSea, CryptoArt, Dune Analytics

The NFT boom in the first and second quarters of 2021 resulted in around 60,000 new wallets interacting with NFTs, data on NunFungible.com shows.

The data tracking service found that in May and June alone, more than 45,000 new wallets were engaged in crypto collector services. It added that despite the fall in sales in April and early May, the number of active NFT wallets rose from 3,107 (January to February 2021) to 6,418 (March to April 2021).

Similar: Are NFTs used for money laundering? Yes, they are, claims Mr. Whale

“This suggests that a good percentage of new users who were interested in NFTs at the start of the 2021 hype and then stayed active in the months that followed,” the NonFungible report says, adding:

“The USD indicator is certainly always interesting to watch, but a closer look at the number of active wallets and especially new wallets gives much more precise information about the state of the NFT market.”

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