Leading non-fungible token (NFT) marketplace OpenSea has already hit $1 billion in trading volume for the month.
As the NFT market continues to grow, the venues for purchasing tokens have grown in tandem. OpenSea is one of the leaders in the industry and has seen trading volumes explode since the beginning of 2021. The marketplace hit another milestone when, it was announced by CEO of OpenSea Devin Finzer on Twitter, that “OpenSea just hit $1B in trading volume for the month of August so far. And it’s still day 0 for NFTs.”
According to statistics from DappRadar, the user base for the second-ranked NFT marketplace spiked from little more than 300 in January 2021 to more than 24,000 as of this writing. The surge in new users accounted for the growth of more than 12,000% in less than 12-months. July saw the total monthly volume on OpenSea hit around $325 million, raking in more than $20 million in fees. During the month, more than 450 NFTs were sold on OpenSea, doubling the previous all-time high. Now, 17 days into August, the trading volume has exceeded $1 billion with a daily trading volume of 45.75 million as of this writing.