The non-fungible token marketplace platform reached a milestone a few days back when the number of active user wallets on the platform crossed the one million mark.
In a recent report by Dune Analytics on January 17th, OpenSea has already achieved monthly Ethereum trading volume of $3.52 billion. With still a few weeks to go for the end of the month, the platform has achieved massive daily trading volume in the range of $169-$261 million in the first month.
The most recent achievement surpassed an all-time unique high of $3.42 billion, which was reached in August 2021. In that month itself, OpenSea’s monthly price on Ethereum also reached an all-time high of $236 million. Furthermore, the company’s monthly trading volume gradually declined over the following months, eventually consolidating at $2.37 billion in November 2021. Since the fall, prices have seen a steady rise, resulting in a record-breaking figure after two weeks in the following year. ,
The recent all-time high comes as a big relief to the company which has rejuvenated morale. While the previous year was a mega-hit for the company, the new year cost the company $207 million in fees a month. There is a definite possibility for the company to successfully touch the above target set 5 months back.
OpenSea continues to make waves in the crypto space. The non-fungible token marketplace platform reached a milestone a few days back when the number of active user wallets on the platform crossed the one million mark. The brand, which was established in 2017, has been attracting users ever since and building popularity with its services.
In early January, OpenSea closed a $300 million Series C funding round with a massive valuation of $13.3 billion. The round was led by Coatue and Paradigm, with OpenSea pledging to use the funds across four categories of product development, customer support, investment in NFTs, and finally, team development.
Among the many explanations for the firm’s skyrocketing growth, a central reason is the scarce competition within the company’s area of expertise. While this has proved to be a boon for the company so far, things may improve in 2022 as multiple platforms see the possibilities. The sector is seeing a ton of activity which could easily tempt other firms to join in.
While newcomers are still fighting for their place in the competition with OpenSea, a worthy competitor can be found in a new NFT marketplace, LuxRay. The company was inaugurated earlier this month, and excitingly, is already outpacing OpenSea in terms of trading volume. If this news isn’t fascinating enough, a computer science graduate from Semarang, Indonesia, became a millionaire by converting a thousand selfies into non-fungible tokens and trading them on OpenSea.
nextSana is a chemistry major and a blockchain enthusiast. As a science student, his research skills enabled him to understand the intricacies of financial markets. He believes that blockchain technology has the potential to revolutionize every industry in the world.