NFT Trading Volume Surges, Surpasses Previous Years

Available data has revealed a boom in the NFT industry, as OpenSea marketplace recorded 1.18 million of processed transactions valued at $1.06 billion and a surge in its peer-to-peer Trading volume by over 12,000% with the year.

Historical activity on Opensea. Source: DappRadar

 

According to the data provided by DappRadar, the total incoming value of OpenSea’s smart contract rose to $56.07 million on Wednesday, a figure that is higher than the January 1 record of $73.556. Also, user count on OpenSea increased to 14,520 from 315, representing a 4,423% increase.

Periods after June accounted for the major portion of OpenSea’s trading spike. At the start of August, the platform’s smart contracts were a little over $3.5 million. However, it rose to over $71 million last Sunday.

In the last 30days, OpenSea’s transactions processed total was 1.18 million, valuing more than $1 billion. At the same time, its cumulative YTD stood at $1.02 billion as of August 2.

Figures from previous years show that the 2021 volume cumulative of $1.02 billion surpasses that of 2018, 2019, and 2020, when it had reached $473k, $8 million, and $24 million, respectively.

This impressive performance of OpenSea began earlier this year, during the boom when investors were entering the industry with millions, buying unique digital collector items. March added to the interest in the NFT world when Mike Winkelmann popularly known as Beeple sold an NFT for for $70 million

Analyzing the number of active wallets, the Research platform Dune Analytics has noted that within the first half of 2021, the total sales volume for NFTs saw a $2.5 billion increase, in contrast to $13.7 million in the first half of 2020. Also, its average daily fee revenue in 2021 was $4.2 million, about 7% higher than that of Uniswap.

NFT Sales on Opensea. Source: Dune Analytics

Data on NonFungible.com shows that in the first half of 2021, about 60,00 wallets were dealing with NFTs. At the same time, more than 45,000 new wallets were interacting with crypto-collectables services in May and June alone. Additionally, during the April and early May historical fall, active wallets increased.

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