By
Temitope Olatunji
April 18th, 2024
OpenSea brands itself as the first and largest digital marketplace for NFTs and with the growth chart observed in the last weekend, they have proved themselves as the one.
The insane growth rate observed on the NFT Unicorn blockchain marketplace OpenSea is a direct result of the sudden rise (almost by 50%) in the price of CryptoPunks NFTs.
NFTs have taken the world by storm as more and more trade records are getting broken while newer and more advanced startups emerge to provide customers with novel ways to manage these digital assets. Just a few days back, OpenSea became an NFT unicorn after reaching a total valuation of $1.5 billion, post the Series B Funding. As reported earlier, these new funds were to be targeted towards infrastructure enhancement and international expansion.
OpenSea brands itself as the first and largest digital marketplace for NFTs and with the growth chart observed in the last weekend, they have proved themselves as the one. Acknowledging the crazy growth rate, NFT Unicorn OpenSea CEO Devin Finzer tweeted the big news confirming the weekend trading figures to be almost five times what the company achieved in the whole of 2020.
Quick Facts about the Sudden Surge on NFT Unicorn OpenSea Platform
- OpenSea’s trading volume was worth $21 m in the whole of 2020 compared to its record-breaking $95 million during the last weekend.
- Saturday saw $35 million worth of trading whereas on Sunday, the platform witnessed trading of $49 million NFTs.
- According to the website’s rankings, CryptoPunks emerged as the hottest item on the OpenSea platform over the two days.
- If you count the entire week, the total trading volume was worth $128 million at current Ethereum prices which roughly translates to 49200 Ethereum.
- Apart from the leading item CryptoPunks, the other NFTs that contributed to this massive surge were Art Blocks Curated, Bored Yacht Club, Art Blocks Playground, and The Vogue Collective. You can check out their current prices on the OpenSea website. Or else, you can check the Coindesk article for numbers.
- With the recent transactions, the NFT Unicorn’s July trading volume has reached a high of almost $325 million, an impressive rise of 118% from its June performance.
With NFTs, several artists, sportspersons, teams, celebrities, and even commoners are discovering new ways to adopt digital assets. The NFT market gives them a wide playground to play on while also helping them create their brand assets on these platforms. Recently Coca-Cola joined the NFT bandwagon by creating these non-fungible tokens and auctioning them on OpenSea. Special Olympics International will receive the auction proceeds. Also, Olympics 2020 recently announced the Second Drop for NFTs.
It doesn’t just end with profit-making as NFTs are also making enthusiasts super-rich. According to a recently published NFT Leaderboard by Nansen, a famous NFT collector Pranksy had made it to the Top Earner position with 1,573 Ethereum ($3.64 million) in profit as of today.