Non-fungible token marketplace OpenSea has hit a new milestone, surpassing $10 billion in all-time sales volumes. It leads sales volumes by an enormous margin and is dominating the NFT space.
OpenSea has crossed $10 billion in all-time sales volumes, according to data from DappRadar. The total sales volume currently stands at $10.33 billion, far and away in the lead compared to other marketplaces. The milestone is just another feather in the cap for what is a hotbed for NFT activity.
DappRadar also released a report last month that attested to OpenSea’s popularity. In the report, it noted that more than two-thirds of total NFT volume fell under the top three marketplaces.
OpenSea’s dominance has been partly helped by the wealth of individual NFT creators who have joined the platform. The likes of Beeple and the corresponding sales are few and far between, but many newcomers have found a home in OpenSea.
The success of OpenSea and the NFT market, in general, has led to much capital pouring in. OpenSea completed a $23 million funding round led by a16z in March 2021. That was before it began clearly dominating the NFT market — although it had already been seeing transaction volumes grow multifold by then.
Following OpenSea sales are Axie Infinity and CryptoPunks, both giants in the NFT space as well. However, in terms of marketplaces, OpenSea remains the standout. Rarible and Super Rare are quite far behind with $263 million and $177 million in all-time volume, respectively.
OpenSea dominates the NFT space
OpenSea is by far the most popular NFT marketplace at the moment. While it doesn’t have the highest average in terms of the individual asset price, it does have the highest volumes. It has also dominated Ethereum burn rankings, with the average number of ETH burned at 58,924.
Since the start of 2021, OpenSea’s metrics have consistently grown, and usually by an enormous margin. In August 2021, it recorded more than $1.5 billion in monthly trading volumes, with most of its trading volume coming in the second half of 2021.
OpenSea has not been without controversy, though. In September, there were reports that an executive had used insider information to front-run popular NFTs that were to be showcased on the market’s homepage. This was later confirmed by the company, which eventually led to the executive in question resigning.