The crypto market’s largest Non-fungible token (NFT[1]) marketplace, OpenSea[2] achieved the milestone[3] of more than $10 billion in volume for the first time since its inception.
As per NFT data aggregator DappRadar[4], OpenSea incorporated[5] around $10.35B of transactions since launching in December 2017. Ergo, maintained a far and away in the lead compared to other marketplaces.
The platform has seen exponential growth this year, having processed[7] $2.5 billion worth of trades for the first half of 2021. The milestone is just another feather on the cap for what is a hotbed for NFT activity. However, here’s an interesting aspect; the daily transaction volume had declined a lot from the peak as seen in the chart below.
As highlighted by journalist, Wu Blockchain[9], OpenSea could still maintain[10] a daily transaction volume of about 50 million – becoming one of the highest-income Dapps. OpenSea’s dominance has been partly aided by the wealth of individual NFT creators who have joined the platform.
The likes of Beeple[11] and the corresponding sales are few and far between, but many newcomers have found a home in OpenSea.
In addition to this, surging NFT game Axie Infinity[12] ranked as the second-hottest NFT platform by lifetime volume. It facilitated around $3 billion worth of NFT transactions since March 2018. This platform certainly created a lot of buzz[13] within the NFT space. Especially, after the launch of Katana[14], a DEX operating natively on Ronin.
Overall picture
The NFT boom isn’t just taking place on Ethereum, either, with many projects launching on rival blockchains such as
