OpenSea processed $ 37.61 million in volume in the last 24 hours; more than 650 times the daily average for 2020.
The NFT market has seen a significant increase in the number of investors who have joined in recent months; allowing artists and art enthusiasts to gain access to the global digital art marketplace.
Although non-fungible tokens are a relatively new asset class in the crypto space; they continue to experience hype as millions of dollars are poured into the market every day.
OpenSea trade volume hits record high
Trading volume on OpenSea, the world’s first and largest NFT marketplace, has hit a record high of nearly $ 100 million in the past 48 hours; more than four times the annual trading volume in 2020.
According to a message from OpenSea’s director and co-founder, Devin Finzer; the platform has recorded a whopping $ 95 million in total deal volume over the past two days. He also noted that this amount far exceeded the total transaction volume of about $ 21 million seen in the NFT market over the past year.
In this way, OpenSea is strengthening its leadership over the competing NFT marketplaces.
OpenSea currently leads the NFT sector by volume, followed by popular DApps Axie Infinity and CryptoPunks.
Finzer also noted that this massive surge proves that the NFT market, while in its early stages, still has plenty of room for growth; arguably the biggest sensation in the crypto industry.
OpenSea Raises $ 100 Million
Just a few weeks ago, OpenSea received $ 100 million in funding from top investors in a Series B round led by venture capital firm Andreessen Horowitz. The project has revealed that it plans to use funding to make NFTs available to more mainstream users; expanding into international markets, as well as supporting multiple blockchains on its platform.
The $ 100 million funding resulted in a market valuation of OpenSea of $ 1.5 billion. The CEO describes NFT as “the new Internet”, and OpenSea continues to scale its platform to reach more users.
NFT continues to grow
NFT remains one of the hottest topics in the crypto industry. The hype surrounding the digital art market has garnered worldwide attention, surpassing the peak of the 2018 ICO in the US.
Although NFT began to gain popularity in 2020 and reached a market capitalization of $ 250 million, sales of such collectibles surpassed $ 2 billion in the first quarter of 2021.
NFTs provide a new way to interact with music, culture and even sports. Artists, celebrities and sports teams are rushing to join the victory over NFT by creating their own digital arts or supporting related projects. A few days ago, the American professional basketball team New York Knicks announced five limited edition 3D NFT Knicks tickets.