OpenSea NFT Marketplace Reaches $1B in Trading Volume in August

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In Brief
  • NFT Marketplace OpenSea crosses the $1 billion trading volume mark for August.

  • Since the start of 2021, OpenSea has seen users jump from 300 to more than 24,000.

  • Axie Infinity recently crossed the $1 billion all time trading volume with around 80% of it coming in the last month.

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Leading non-fungible token (NFT) marketplace OpenSea has already hit $1 billion in trading volume for the month. 

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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.

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Interest in NFTs continues to grow

While OpenSea is making news today with Finzer’s announcement, the entire NFT industry has experienced a meteoric rise in 2021. While OpenSea crossed the $1 billion mark for August, Axie Infinity exceeded $1 billion all-time in trading volume last week. 

More than $1.111 billion worth of Axie Infinity NFT sales were tabulated by DappRadar since launch. The $1 billion marks was hit after more than 2.5 million individual sales on the platform. The stats show significant short-term growth from Axie Infinity as almost $800 million of the total was generated in the last month with nearly 1.5 million sales. With almost 80% of Axie Infinity’s all-time trading and almost half of the total trades ever made on the platform coming in the last month, it is clear the explosion is not just happening at OpenSea. 

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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