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OpenSea Breaks $10 Billion in Lifetime NFT Trading Volume

Posted by
Robert Hoogendoorn

Over 637.000 unique wallets traded on the NFT marketplace

The leading NFT marketplace OpenSea has seen its users exchange more than $10 billion worth of non-fungible tokens on the trading platform. The platform launched in beta in December 2017, and broke into the mainstream earlier this year amidst the NFT hype. 

Since OpenSea launched its smart contracts, a total of 637.296 unique wallets have traded NFT assets on the platform. Right now OpenSea supports Ethereum and Polygon, while they also want to integrate the Flow blockchain. 

All sales combined total $10.35 billion in NFT trading. OpenSea takes 2.5% commission over basically every sale taking place on their platform, putting OpenSea’s estimated revenue at $258.750.000. 

Other marketplaces have more users

Despite being the number one for NFT trading volume, OpenSea has some serious competition. Both the Axie Infinity Marketplace on Ronin and Atomic Market on Wax have served more unique wallets, 1 million and 793.000 respectively. That’s not without reason, because the alternatives offer a smoother user experience and cheaper NFTs. 

Most of the sales on OpenSea take place on the Ethereum blockchain, meaning that buyers and sellers need to deal with hefty gas fees. The average NFT on OpenSea sells currently for more than $1700, making the platform a pricey option compared with competitors. The average NFT on Atomic Market costs currently $80, while Axie Marketplace has a $162 average price. 

NFT Marketplaces, tracked by DappRadar (Lifetime Trading Volume)

In the top 10 NFT marketplaces we can see two platforms on the Solana blockchain: Solanart and DigitalEyes Market. These platforms have only been around for a few months and have already found an audience. It shows that Ethereum is no longer the sole blockchain for NFT projects to succeed, as Wax, Solana and Flow are on the rise. 

No stopping the NFT industry

The NFT space exploded in Q3, accumulating over $10.4 billion in trading volume during that timespan. Impressively, the space kept up the pace in October. Over $4.2 billion were traded in NFTs during the last 31 days alone. A slight improvement of $148 million from September’s numbers. 

Whilst the trading volume on Ethereum grew 1% MoM in October; OpenSea, the network’s most important marketplace, experienced a 14.37% drop in trades during the same period. For the second consecutive month, OpenSea has decreased on this metric, further supporting the idea that the NFT space is not dependent on one single blockchain.

Notably, Solanart, the de-facto NFT marketplace on Solana, generated over $187.3 million in trading volume in October, growing 13.79% MoM. That level of sales leaves Solanart as the third-largest marketplace by trading volume in October, only trailing incumbents OpenSea and Axie’s marketplace. 

Also, the AtomicMarket on Wax saw an important spike in its trading volume. Boosted by NFT game items like the ones coming from FarmersWorld, AtomicMarket increased its trading volume by an impressive 459.25% compared to the previous month.

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