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OpenSea Processes More Transactions Daily Than 2020

OpenSea, the leading nonfungible token (NFT) marketplace, is now processing more transactions daily than it did during 2020.

Devin Finzer, the co-founder and CEO of OpenSea, tweeted that the platform had processed $95 million worth of transactions in two days. He estimated that OpenSea processed $21 million in volume for the entirety of 2021, as the marketplace appears to have enjoyed an increase in daily transaction value by more than 650 times since 2020.

However, DappRadar data shows that OpenSea is extending its lead over rival NFT marketplaces, with SuperRare and Rarible currently representing daily volumes of $543,000 and $248,000. While Rarible outperformed OpenSea in 2020, with the platform hosting more than $24 million worth of volume last year, OpenSea now represents 150 times the amount of Rarible’s volume. Despite sliding down the leaderboard, Rarible’s daily volume has nearly quadrupled since 2020.

The report said that According to data from Dune Analytics, SupeRare processed around $6 million in transactions last year, equating to roughly $16,400 daily on average. As such, SupeRare’s volume has increased by more than 33 times since 2020.

Likewise, the NFT sector saw meteoric growth at the beginning of this year before topping out in May, while in early June, total NFT sales had already declined by 90% from the market peak. Despite the market tapering off in June, NFT sales still topped $2.5 billion in the first half of 2021.

Thus, OpenSea recently attained unicorn status after closing a $100-million Series B funding round at a $1.5-billion valuation on July 20.

Source: Cointelegraph




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