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Friday, July 1, 2022

OpenSea Has Exceeded Its 2020 Daily Volume Total

OpenSea, one of the leading non-fungible token marketplaces in the world, is currently going through more transactions daily than it used to in 2020. Devin Finzer, the CEO and co-founder of OpenSea, tweeted on Monday that the entire platform had already processed almost $95 million worth of transactions in just a couple of days.

Finzer has estimated that the NFT marketplace processed almost $21 million in volume for the entirety of this year, with the marketplace appearing to have gone through a major increase in the daily transaction value by around 650 times more since 2020.

OpenSea has Seen Some Magnificent Growth Over The Year

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Data from DappRadar highlights that OpenSea is currently extending its major lead over NFT marketplaces, with Rarible and SuperRare currently representing the daily volumes of $543,000 and $248,000 respectively.

While Rarible did manage to outperform this NFT marketplace the previous year- as the platform hosted almost $24 million worth of volume, the leading NFT marketplace now represents almost 150 times the amount of the volume displayed by Rarible. And that is impressive, for Rarible’s own daily volume has quadrupled since the previous year, even though it has slid down the leaderboard. 

According to the data received from Dune Analytics, SuperRare did manage to process almost $6 million just in transactions last year- which equates to almost $16,400 on a daily average. Therefore, the volume of SuperRate has increased by around 33 times since the previous year.

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The sector of NFT did manage to see some staggering growth at the beginning of the year- before it topped out in May. Cointelegraph did report in early June that the total sales from NFT- which includes OpenSea- had already gone down by 90% from the peak market. 

Interestingly, despite the market for NFT tapering off in June, the sales from OpenSea and other marketplaces still went above $2.5 billion in just the first half of 2021. 

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