OpenSea, now world’s largest NFT marketplace 

With the rise of NFTs, so is the rise of marketplaces that sell them, and OpenSea leads the pack with its large volume of trades every single month. 

Through the platform’s sale of one of the most sought-after NFTs such as CryptoPunks, Ether Rocks, and Bored Ape, OpenSea has been propelled as the biggest NFT marketplace in the world. 

Just last month, according to Dune Analystica, OpenSea had 266,000 unique addresses that interacted in its platform, which resulted in $1.67 billion in sales. 

But even with NFTs’ astronomic rise, it is fascinating to know that the NFT market is just getting started, and is expected to rise even further in the future. 

NFT and crypto rise

One of the biggest factors on NFTs popularity is the cryptocurrencies’ rapid rise. NFTs and cryptos became closely associated with each other because they are both run by blockchain technology. Also, most NFT sales require cryptocurrencies as a mode of payment. 

With the NFT hype going through the roof, Hollywood stars, sports icons, and other high-profile figures are also joining into the NFT craze. Some of the recent “NFT converts” are Katy Perry, Jay-Z, and even Sir Tim Berners Lee, the founder of the world wide web. 

Berners Lee had an interesting NFT venture. He partnered with auction giant Sotheby’s last June to turn the source code of the Internet into an NFT. The minted asset was sold for an astounding $5 million. 

Non-fungible tokens are also fast expanding into the field of sports, from sports players to sports associations launching NFT collections, this field is considered one of the biggest catalysts for NFTs. 

OpenSea, a barometer for NFTs

OpenSea’s success is also a clear indication of where NFTs are headed, which is certainly not in the flash-in-the-pan path. With OpenSea’s trades growing even bigger, it is a clear sign of the NFT industry’s bigger role in the future. 

 

Image courtesy of Cointelegraph News/YouTube

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