Total monthly sales volume on OpenSea reached an all-time high of $10.35 billion this week as NFT sales continue to grow in popularity worldwide.
According to data from Dune Analytics, this volume corresponds to an average of $872.67 per transaction. In August, the total transaction volume peaked at $3 billion. Total volume has more than doubled since August, registering 233% growth.
The record increase in transaction volumes is undoubtedly closely related to the incredible increase in the number of users. While the total number of users on the platform was 2000 before June 2021, this number managed to increase to over 600,000 by September.
According to the statement made by OpenSea, the value of the platform increased to $ 1.5 billion and it was announced that it had collected $ 100 million in July. On the other hand, buyers no longer have to pay gas fees when transacting on the platform.
Anyone Can Access NFTs
NFTs are now available to everyone, everywhere, with OpenSea’s platform launching a mobile app for IOS and Android. There has also been a chain of upgrades to the website, which has played an important role in attracting buyers and creators alike.
Cutthroat competition
On the other hand, although it has managed to maintain its daily trading volume of over $50 million and still as one of the highest revenue DApps, Opensea still faces stiff competition from other NFT markets trying to offer better experiences and lower transaction costs to its users. Platforms such as Axie Infinity, Cryptopunks Solana Art and Rarible are cited as Opensea’s closest competitors.