Data indicates the non-fungible token (NFT) marketplace Opensea has crossed $20 billion in all-time sales. The leading NFT marketplace has seen more than 1.2 million traders leverage the platform since the market’s inception in 2017.
1.2 Million Opensea Traders and $20 Billion in Sales Volume
Metrics show that the NFT marketplace Opensea has surpassed $20 billion in all-time sales volume, according to dappradar.com. The NFT market was created five years ago by the entrepreneurs Devin Finzer and Alex Atallah.
Opensea allows users to sell NFTs at a fixed price and they can also leverage the auction method to sell their non-fungible tokens. When the market started in 2017, Ethereum was the blockchain of choice but recently Opensea has added support for the layer-two (L2) Polygon blockchain network.
Dune Analytics data shows that Opensea’s transaction count and USD volume has increased over the last 30 days. At the time of writing, dappradar.com metrics indicate 30-day sales have risen by 35.17%.
While Opensea is the leading NFT marketplace today, the new entrant Looksrare has been a competitor. Data shows that the NFT market Looksrare’s all-time volume is $14.68 billion, but Lookrare’s trade volume is considered contestable.
Looksrare’s sales figures have been adjusted on analytics web portals as the market has been reportedly “hit by washtrading.”
Opensea has a slew of competitors like Rarible, Magic Eden, Atomic Market, Superrare.co, Foundation, Digitaleyes Market, and more. However, Magic Eden, processing the highest number of sales out of the aforementioned NFT markets, has only seen $582.31 million in all-time sales.
Axie Infinity, on the other hand, has processed $4.08 billion in all-time sales, ranking the project third in terms of amount of NFT sales, behind Opensea and Looksrare.
Prior to the $20 billion in all-time sales, Opensea acquired Dharma Labs and in January the company raised $300 million, propelling the firm’s valuation to $13.3 billion.
What do you think about Opensea’s sales volume crossing the $20 billion mark? Let us know what you think about this subject in the comments section below.