OpenSea is one of the market leaders in the NFT space, and volume on the NFT trading platform has hit an all time high.
According to DappRadar’s research, OpenSeas’ overall income has surpassed $10 billion for the first time. The precise figure is $10.33 billion, smashing sales records and propelling OpenSea far ahead of competitors.
This year has seen significant growth in the NFT ecosystem, as evidenced by the rise of the Metaverse and blockchain gaming.
As leading exchanges and corporations join the NFT sector, it has also diversified and grown.
OpenSea and NFT Dominance
If you’re part of the crypto community, you must be familiar with OpenSea.
The first and largest NFT marketplace established the foundation for Ethereum-based NFTs, making it simple for users to construct their own NFTs or trade NFTs from other projects on other marketplaces.
One of the things that distinguishes OpenSea is its active community. At the start of this year, the site had more than 25,000 users, which is a significant figure.
According to a DappRadar report published last month, OpenSea is one of the top three NFT platforms, accounting for more than two-thirds of the market’s total NFT volume.
The tremendous quantity of NFT creative individuals pouring into the field has contributed to OpenSea’s dominance.
In reality, while Beeple NFT has received a lot of attention from the crypto world, the platform’s sales are still far from surpassing OpenSea’s volume.
Easy to Attract Capital
Many traders and investors have embraced the success of OpenSea and the NFT market. Furthermore, in March 2021, the platform successfully raised $23 million in a fundraising round.
The event caused a tremendous spike in OpenSea’s transaction volume, which began to surge.
Following OpenSea, Axie Infinity and CryptoPunks are two marketplaces that are gaining widespread attention in the NFT space. In comparison to OpenSea, Axie Infinity has a greater advantage in terms of user engagement.
Axie, in particular, has attracted over a million users, with half of them actively engaged in recent months. Despite the fact that just 637,000 users have used on OpenSea, the amount changing hands is much higher.
Axie Infinity is a fantasy that uses creatures called Axie. On March 30, 2021, the platform had over 19,000 monthly active users online.
On February 9, 2021, CoinDesk revealed that one of its NFTs – an in-game virtual land – sold for 888 ETH, an extraordinary price at the moment, shocking the NFT market.
When it comes to entirely putting ownership on players, the Axie Infinity environment is highly appealing.
These gamers can exchange their in-game assets for digital currency. The Axie Infinity Marketplace, unlike many other NFT Marketplaces, has a narrow focus: it only sells characters and stuff from the Axie Infinity environment.
Axie Infinity, a thriving NFT game, is the second-most popular NFT platform by lifetime volume, having handled billions of dollars in NFT transactions since March 2018.
The Competition
The year 2021 was a boom year for non-fungible tokens (NFTs). Since the beginning of the year, the NFT market has grown at a shocking rate, tripling the volume of transactions.
OpenSea is by far the most popular NFT marketplace for the moment. Since the beginning of 2021, OpenSea has become a wildly popular venue for NFT sales.
The platform reported over $1.5 billion in monthly trading volume in August 2021, with the majority coming from the second half of 2021.
As more and more major companies and crypto exchanges join the NFT game, the competition has increased among the marketplaces, which poses a threat to the dominance of OpenSea.
OpenSea is still in the favorable position but we know how fast the market moves, and there’s always something unpredictable within the crypto market. With the kind of money that OpenSea has attracted, others will be interested.
