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The OpenSea NFT marketplace is booming

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NFT marketplace OpenSea
Source: Shutterstock, Rokas Tenys

Are you a fan of the currently fastest growing NFT market? So you are in the right place. In this article, we will look at how well-known NFT projects are breaking down daily trading volumes.

Strong NFT players

CryptoKitties and CryptoPunk. These two projects are undoubtedly among the strongest players in the NFT market. In the previous day, these projects recorded an incredible daily volume over $ 180 million. The massive increase in volumes and market capitalization is probably due to the overall hype surrounding NFT projects and, in particular, the increased activity in the OpenSea marketplace.

CryptoKitties is basically a blockchain game that has reached a respectable $ 7 million in the last 24 hours. The average price of one token is at the level of 6.6 ETH. At the very top of the ranking, we still record the CryptoPunk project.

OpenSea statistics


OpenSea statistics. Source: DAppRadar

This is a really positive sign, as some time ago we saw the OpenSea market fall up to 50%, mainly due to market saturation.StormGain

In any case, demand is still growing extremely. Various celebrities also help. Mega celebrity Paris Hilton and gymnastics star Simone Biles recently joined the NFT.

NFT marketplace OpenSea as a monopoly

The market called OpenSea can easily be considered a kind of monopoly of this industry. The project holds up 98% of the total market volume. In the last month, we have seen an increase in users of up to 234%.

However, the downside is that such a boom has caused an extreme increase in ETH fees. Currently, fees of up to $ 200 are fired for a single transaction. Thus, increased activity also brings with it negative factors. We can only hope when the ETH 2.0 network will finally be launched, where the developers promise to reduce fees in particular.

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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.

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