Cryptheory: NFT, Play-to-Earn, Crypto News

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

OpenSea breaks new sales record

2 min read

 

The data indicates that the Opensea non-fungible token (NFT) markeplacest has surpassed $20 billion in sales, marking a new record for the platform.

The main NFTs marketplace has seen more than 1.2 million traders trade tokens since its launch in 2017, according to Dappradar.com.

Opensea allows users to sell NFTs at a fixed price. But it is also possible to take advantage of the auction method to sell your non-fungible tokens.

When the market started in 2017, ETH was the blockchain of choice. However, more recently, Opensea has added support for the Polygon blockchain network.

According to data from Dune Analytics, Opensea’s transaction count and USD volume have increased in the last 30 days.

Although Opensea is the main market for NFT, today, new entrant Looksrare has been a strong competitor. As the data shows, Looksrare’s historical volume is $14.68 billion

It is worth noting that Looksrare’s sales figures have been adjusted in several locations. That’s because the market was allegedly hit by “wash trading.”

But Looksrare isn’t OpenSea’s only competitor. The platform is also up against competitors such as Rarible, Magic Eden, Atomic Market, Superrare.co, Foundation and Digitaleyes Market.

Magic Eden has been processing the largest number of sales from the NFT markets among Opensea’s competitors, ruling out Looksrare because of problems with its data.

Magic Edem has generated $582.31 million in sales since its founding, just over 1% of what OpenSea has sold.

In the NFT market, Axie Infinity processed $4.08 billion in sales, ranking the project third in terms of the amount of NFT sales. The project lags behind Opensea and Looksrare.

Before hitting $20 billion in sales, Opensea acquired Dharma Labs. And in January, the company raised $300 million, bringing the company’s valuation to $13.3 billion.

Coinbase Review: Guide to The Top Crypto Exchange (2022)

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

18 thoughts on “OpenSea breaks new sales record

Leave a Reply

Your email address will not be published.