Written by Viraj Desai

Published on August 22, 2021

OpenSea Trading Volumes Witness Significant Surge

A whopping 12,000% spike in trading volumes of OpenSea, a non fungible token have been witnessed in 2021 itself. Data from DappRadar estimates that the combined worth of incoming smart contracts on the peer-to-peer platform reached $56.07 million on August 11, 2021, a surge from the $73,556 recorded on January 1, 2021.
Also, significant growth in user content was recorded for OpenSea with user numbers on the platform growing by 4,423% to 14,520, from 315.
OpenSea Trading Volumes
                          (Source: cointelegraph)
OpenSea has been witnessing considerable growth in 1 month, with average processing of transactions hitting 1.18 million, amounting to $1.06 billion.  In 2020, OpenSea’s volume had been $1.02 billion.

The company’s growth demonstrates the gargantuan movement in NFT space, with many investors spending millions of dollars. In March 2021, digital artist and graphic designer Mike Winklemann, sold an NFT for $69.2 million. Some more instances of NFTs sold included music album, meme, tweet, basketball highlights, photo and a collage. 
In recent times, the Axie Infinity platform, witnessed a 6,500% growth in July end. The platform supports trading digital pets. 

OpenSea, the largest peer-to-peer marketplace for collectibles, virtual inclusions backed by blockchain and gaming items, any user can purchase or sell items through smart contract. The company has people from diverse backgrounds including Palantir, Stanford and Google. 

Though a number of NFTs are part of the marketplace currently, OpenSea on the Ethereum blockchain platform, has witnessed significant surge in monthly trading volume since the end of 2020. Despite seemingly daunting for new users, decentralised services entail connecting to Web3 wallet-  like MetaMask, which is a part of app or browser. 

Users can complete process of connecting MetaMask to OpenSea through a quick and seamless procedure. Users can navigate to OpenSea portal and then click on profile button, where one can sign in to the wallet after entering password or just using fingerprint. Users can easily link any of the wallets that are a part of MetaMask profile, ensuring they get a number of options for harnessing their existing address.

The completion of linking process allows browsing of OpenSea marketplace as well as collections becoming simpler. One just needs to have Ether in the account for buying something. There are millions of listings and can take sometime for finding something specific as consumers can use ‘Explore’ button for gaining an overview.  

Though listing is free on the OpenSea platform, there is a 2.5% cut on the conclusion of the sale. Selling can either be done through an auction, fixed price or a bundle with other items. Users can do bidding with USDC, DAI or Ether while fixed-price offers are done only through Ether. 

It is also possible to verify ownership through the Ethereum wallet address as the OpenSea transactions are displayed and Token field demonstrating the asset purchased post doing the transaction.

About Viraj Desai

Viraj Desai is a former banker turned communications professional with over ten years of experience across Financial institutions, multilaterals media and corporates. He has over ten years of experience including a stint as a financial journalist with India's largest business daily, The Economic Times, covering energy and infrastructure policy developments in India. He has also led communications for advisory projects in the International Finance Corporation,World Bank's private sector arm. Mr Desai has a Masters in Public Policy from TERI School of Advanced Studies, graduation from Madras University, a diploma in Journalism and a certification from the MICA Institute, Ahmedabad on Data Analytics.

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