OpenSea transaction volume spikes to new ATH

The largest NFT marketplace OpenSea has conscionable breached its monthly transaction measurement grounds of $3.5 cardinal with 2 weeks near to spare for this month.

OpenSea crosses the $3.5 cardinal mark

OpenSea had reached its erstwhile ATH successful August past twelvemonth erstwhile transactions connected its level deed $3.42 billion. That fig has present been shattered acknowledgment to the beardown commencement of the NFT abstraction this caller year.

According to data from Dune Analytics, the NFT marketplace had averaged astir $169 cardinal successful trading measurement for each time of the year. The platform, connected immoderate days, had seen commercialized emergence arsenic precocious arsenic $261 million.

While this is not wholly surprising, the trading measurement connected OpenSea had drastically dropped to arsenic debased arsenic $2.37 cardinal successful November past year, but the level of renewed involvement successful NFTs has helped to propulsion its measurement backmost to its erstwhile height.

Interestingly, the level had generated astir $237 cardinal successful transaction fees during its past ATH. Available accusation has shown that it could besides bushed that milestone arsenic it has raised astir $207 cardinal successful transaction fees.

Projects starring the surge

Like we mentioned earlier, OpenSea’s caller grounds was fueled by renewed involvement successful the NFT space. NFT projects similar Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), PhantaBear, etc., person witnessed a emergence successful their interest. BAYC, successful particular, has enjoyed the patronage of celebrities and institutions alike successful caller times.

Cumulatively, each of this has played a relation successful helping the NFT marketplace interruption its erstwhile ATH and, astatine the aforesaid time, assistance it deed $15 cardinal successful full NFT sales.

OpenSea’s expanding idiosyncratic base

OpenSea has been capable to leverage its popularity successful the abstraction to cement itself arsenic the undisputed person successful the NFT market. 

Per disposable data connected Dune Analytics, the fig of progressive idiosyncratic wallets trading connected the level crossed the 1 cardinal people earlier this year. 

This quality came connected the heels of OpenSea raising $300 cardinal successful a Series C backing circular which pushed its valuation to implicit $13 billion. As of July past year, the steadfast was lone valued astatine little than $2 billion.

It is important to enactment that caller marketplaces similar LooksRare are looking to situation its dominance successful the market. We reported that the caller marketplace saw its play trading measurement bushed that of OpenSea past week.