By
Temitope Olatunji
April 18th, 2024
The Non-Fungible Token marketplace platform reached a milestone a few days ago when the number of active user wallets on the platform crossed the one million mark.
In a recent report by Dune Analytics on January 17, OpenSea has already acquired $3.52 billion worth of monthly Ethereum trading volume. With a couple of weeks still left for the closing of the month, the platform has achieved a massive daily trading volume in the range of $169-$261 million across the first month.
The most recent accomplishment surpassed its until now unparalleled high of $3.42 billion, which was reached in August 2021. In that month itself, the OpenSea monthly price on Ethereum was also raised to an ultimate high of $236 Million. Moreover, the company’s monthly trading volume declined gradually in the following months, ultimately converging to $2.37 billion in November 2021. Ever since the downfall, the prices have seen a steady increase evidently resulting in a record-breaking figure after two weeks into the next year.
The recent all-time high comes as a giant relief for the company that has rejuvenated the morale. While the previous year was a mega-hit for the company, the new year has led to the company reeling in $207 Million in fees over a month. There is a definite possibility for the company to successfully touch the aforementioned goal set 5 months ago.
OpenSea continues to create ripples in the crypto space. The Non-Fungible Token marketplace platform reached a milestone a few days ago when the number of active user wallets on the platform crossed the One Million mark. The brand, which was established in 2017, has ever since been engaging users and generating popularity with its services.
Early in January, OpenSea finished a $300 million Series C funding round with a whopping valuation of $13.3 billion. The round was steered by Coatue and Paradigm, with OpenSea promising to utilize the funding in four categories of product development, customer support, investments in NFT, and finally, team growth.
Among many explanations for the firm’s skyrocketing growth, one central reason is the scarce competition in the company’s area of expertise. While this has proven to be a boon for the company until now, things might reform in 2022 as a number of platforms are watching prospects. The field is observing a ton of activity that can conveniently tempt other firms to join in.
While the newbies are still fighting for their place in the competition with OpenSea, a worthy rival can be found in LooksRare, a new NFT marketplace. The company was inaugurated earlier this month, and excitingly, is already acing OpenSea in terms of the trading volumes. If this news is not fascinating enough, a Computer Science undergraduate from Semarang, Indonesia became a millionaire by converting a thousand selfies into Non-Fungible Tokens and trading them off on OpenSea.