OpenSea Saw $1 Billion In Trading Volume In August Alone: Report

OpenSea saw $1 billion in trading volume in August alone according to the latest reports and now the NFT marketplace continues to register major milestones in monthly trading volume so let’s read some more about it in today’s cryptocurrency news.

The non-fungible tokens peer-to-peer marketplace OpenSea saw $1 billion in trading volume in August. Tweeting on Tuesday, OpenSea co-founder and CEO Devin Finzer announced the platform’s record trading volume while the transaction volume at the beginning of August saw a massive $95 million in 48 hours that surpassed the entire volume registered in 2020. According to the data from DappRadar, OpenSea processed over 385,500 ETH worth $1.2 billion in trading volume over the past 30 days while this figure signals an astronomical increase of 932.68%.

OpenSea just hit $1B in trading volume for the month of August so far.

And it's still day 0 for NFTs.

— Devin Finzer (dfinzer.eth) (@dfinzer) August 17, 2021

The $1 billion marks recorded on OpenSea is an indication of the growing use and adoption of NFTs with sports clubs, artists,s, and celebrities still continue to tap into the nascent industry by launching the various digital arts. The New York-based American entertainment giant Marvel Entertainment unveiled the first set of NFTs for Spiderman which sold in less than a day. The company launched the Captain America digital collection series. New York Knicks the American professional basketball team partnered with the enterprise NFT solution Sweet in order to launch five limited editions of 3D NFT Knicks tickets. The sector also penetrated the government landscape as the Israel new President received a copy of the original oath signed by the President’s father.

In the meantime, Opensea CEO thinks that the sector is still new with finzer stating that NFTs could become the new internet. Part of the tweet said that it is still day 0 for the NFTs. Its tokens are still needed at day 0, then the OpenSea significant trading volume is maybe a precursor to even more astronomical activity once the mainstream penetration hits node lambda. The NFT marketplace giant raised $100 million in a Series B funding round led by Andreessen Horowitz and now coupled with the previously raised funds, teh company’s market valuation stands at $1.5 billion. OpenSea is looking to add more support for multiple blockchains that could make it the first cross-blockchain NFT market.

As reported earlier, The creator of the Pepe the Frog meme Matt Furie requested that the NFT project worth $4 million be removed from Opensea market due to copyright infringement. The “Sad Frogs District” is an NFT project with 7000 programmatically generated NFTs from a selection of 200 traits and the artwork depicted in the NFTs that could draw some inspiration from the character Pepe.