NFT Rise Continues as Trading Volume on Opensea for August Crosses $1bn
NFT trading volumes OpenSea maintained its fast rise when the NFT craze returned.
According to statistics from Dune Analytics, the monthly volume of OpenSea has been above $1 billion, or around 351,000 ETH for August so far. And the monthly volume reported in July more than quadrupled by $325m.
Additionally, DappRadar statistics indicate that during the last 30 days, OpenSea has experienced a 931% rise in trade volume. The figures also indicate that OpenSea recorded 1.4 million transactions – a rise of 168 percent over the same time.
The increasing activity on OpenSea corresponds with Ethereum’s most recent rise, where the asset has shifted from $1,700 to $3,343 in recent lowering by 70 percent. The revival of Ethereum has kicked off the NFT and led to the record numbers of OpenSea.
Since the network improvements began on 5 August 2021, more than 60,000 ETH have been burnt so far. OpenSea leads the way on the burn rankings. OpenSea contributed to 7,664 ETH burning, equal to almost 23 million dollars based on current ETH pricing.
$100 Million in Funding
The popularity of OpenSea has also seen its platform surpass UniSwap and the top Axie Infinity NFT game.
In addition, according to various sources, Google’s “OpenSea” search results hit record highs as they surpassed 100. This shows that interest in OpenSea and NFTs is steadily on the increase.
OpenSea has recently secured financing from investors in a Series B round headed by risk capital company A16z for $100 million. OpenSea said that it wanted to make the NFTs more accessible with the funding. To mainstream consumers via expansion into world markets and support various blockchains.
