September 30, 2022

Wild Month For NFTs As OpenSea Marketplace Posts Record-Breaking Numbers

2 min read

The NFT market observes a wild month as trading volume soars and OpenSea market posts record-breaking numbers.

NFT Marketplace OpenSea Records $1.68 Billion In Monthly Trading Volume

Based on data from Dappsradar, the non-fungible token marketplace has actually recorded month-to-month numbers unlike ever previously as trading volume on the platform leaps nearly 580% over the past 30 days.

Based upon the Ethereum blockchain, OpenSea is among the most popular NFT marketplaces. In truth, it’s the largest by trading volume, and also among the oldest such platforms.

Over the previous month, the market has actually enjoyed trading volume of around $1.68 billion, or 510.4 k ETH. The platform has actually likewise tape-recorded 153k traders, a 178% jump over the exact same amount of time.

Not simply OpenSea, however likewise the other huge NFT markets have also seen substantial increases in trading volume. Axie Infinity, the 2nd greatest based on Dappsradar, saw an increase of 56% as the platform notes $867 million in volume.

Following behind is the popular digital collection CryptoPunks with over $412 million in trading volume, an 802% jump over the last month,

NBA’s official NFT market, Top Shot, likewise observed a dive of around 10% as monthly deals reached $24 million.

Related Reading|NFTs In A Nutshell: A Weekly Review

OpenSea’s all-time records show the platform has processed more than $2.5 billion in trading volume because its inception. This means about 67% of that number was from last month alone!

Earlier in the year, the firm raised around $100 million in a Series B funding, making the platform a unicorn blockchain company.

State Of The Market

Back in May, the NFTs market had a 90% crash as the weekly trading volume crashed down from the then all-time-high of $176 million.

The market started picking up at the start of this month as market activity sharply rose. On 6 August, it reached a new ATH of around $375 million, more than double the previous one.

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After making the record, the weekly trading volume has when again decreased. Nevertheless, this time the activity is still well adequate to be around previous ATH levels.

Here is a chart revealing the pattern in the weekly trading volume for these NFTs over the previous year:

NFT Trading Volume

 The weekly trading activity of these digital collectibles has sharply fallen off after making a brand-new peak|Source: nonfungible.com As the graph shows, the value of the metric dropped quite dramatically in May after making a brand-new ATH. Remarkably, Bitcoin likewise crashed nearly 50% around the very same time.

At the time of writing, BTC's cost is around $49.4 k, up 6% in the last 7 days. The listed below chart reveals the pattern in the rate of the cryptocurrency.

Bitcoin Price Chart

 Bitcoin begins dropping after making a touch of the $50k cost mark|Source: BTCUSD on TradingView