Monthly trade volumes on NFT marketplace OpenSea have soared above $1billion this month, making it the first platform in its category to achieve the feat. Data shows that the company’s trading volume jumped up to 286% from July to August, leading to record transactions worth more than $1.2 billion.
<h2>Opensea’s Monthly Trading Volume Explodes 286%, Exceeds Past $1.2 Billion</h2>
It looks like NFTs have returned to popularity after a brief decline in demand. OpenSea, a major player in the segment has witnessed skyrocketing trade volumes in August and become the first platform of its kind to surpass $1 billion in monthly trade volumes.

The company’s impressive performance comes amid a surge in google searches for NFTs. 

According to <a href="https://dappradar.com/ethereum/marketplaces/opensea">DappRadar</a>, OpenSea has processed 1.56 million transactions from over 139K unique wallet addresses in the last month. Activity on the platform started to take off after June. In fact, even at the beginning of this month, trade volumes hovered at $3.6 million. But this improved swiftly and by August 13 OpenSea’s smart contract grew up to $56.07 million.

Founded in 2017, OpenSea reportedly <a href="https://www.cryptoknowmics.com/news/nft-marketplace-opensea-delists-cryptopunks-clone-polygonpunks/">reached</a> a valuation of $1.5 billion in July. The marketplace attracted controversy in the past few months after it delisted some popular collections. Most notable among them was CryptoPunks clone PolygonPunks that trended as OpenSea’s second most popular collection by trade volume at one point.

More recently, the marketplace booted a frog-themed project estimated to be worth $4 million for copyright infringement.
<h2>NFT Boom Garners Corporate Attention</h2>
Seeing how so many artists and sports have benefitted from their NFTs, corporate giants are also hopping on the digital asset bandwagon. Taco Bell, Asics, <a href="https://www.cryptoknowmics.com/news/miami-heat-to-drop-nfts-celebrating-the-2006-nba-title/">The NBA</a>, and Coca-Cola have already made a successful foray into the market this year. But more are gearing up to experiment with the new craze.

Meanwhile, detractors have pointed out that NFTs are a convenient medium for money laundering that requires intervention. Earlier this month, early crypto adopter Mr. Whale published a detailed blog post attributing the rising popularity of NFTs to their ability to help tax evasion and illicit money transfers.

OpenSea Becomes First NFT Marketplace to Surpass $1 Billion in Monthly Volumes

Monthly trade volumes on NFT marketplace Opensea have soared above $1billion this month, making it the first platform in its category to achieve the feat.

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

OpenSea Becomes First NFT Marketplace to Surpass $1 Billion in Monthly Volumes

Top Picks