Recorded trading volumes on nonfungible token (NFT) marketplace, OpenSea have spiked more than 12,000% in 2021 alone. According to data from DappRadar, the total incoming value of all smart contracts on the peer-to-peer platform hit $56.07 million on Wednesday the 11th. This is a sharp increase from the $73,556 recorded on January 1, 2021.
OpenSea also recorded growth in its user count. In the same period, the number of users on OpenSea jumped by 4,423% to 14,520, from 315.
The platform has also seen considerable growth over the last 30 days. OpenSea’s 30-day average number of processed transactions hit 1.18 million, worth $1.06 billion. Also, as of August 2, Messari reported OpenSea’s cumulative 2020 volume at $1.02 billion.
OpenSea’s growth is direct evidence of the explosion in the NFT space. 2021 has seen quite the boom, motivating many investors to spend millions of dollars on NFTs. Back in March, graphic designer and digital artist Mike Winklemann, also known as Beeple, sold an NFT for $69.3 million. Other examples of NFTs sold include a tweet, music album, meme, photo, basketball highlight, or a collage.
Recently the Axie Infinity platform, which supports trading digital pets, saw a whopping 6,500% growth at the end of July.
Image Credits: Pixabay
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