CryptoPunks, Art Blocks, and Bored Apes Yacht Club boost activity
OpenSea, the leading NFT marketplace for both Ethereum and Polygon, has smashed through an important record with its weekly trading volume. In the past seven days, the marketplace saw an influx of traders, boosting trading volume by more than 171%, and surpassing the $1 billion mark.
The number of traders visiting the platform also increased by more than a quarter compared to the week before. This combined with the rising floor prices on major collections has allowed OpenSea to experience a record-high weekly volume.
As the top marketplace on DappRadar rankings, OpenSea often sees a significant boost in terms of volume. However, recording more than a billion dollars in sales in just seven days is purely impressive. Simple math shows that with 108,340 traders who interacted with the platform, this makes an average of $10,143 spent by each user. With over 620,000 transactions, OpenSea recorded an average transaction of $1,770.
How did OpenSea hit that trading record?
OpenSea is the leading NFT marketplace across all chains. It has a user-friendly platform and an established name in the industry. Considering this, most of the secondary market transactions on a huge variety of collections go through the platform.
However, another important factor in the stellar performance the marketplace has seen in the past seven days is the rising price of NFTs. Several old Ethereum-based collections saw their surprising revival in the past week including MoonCats and Plasma Bears. Both of these collections had not seen any activity for months, and are now holding top sale positions across DappRadar rankings.
Of course, big-time collections like CryptoPunks are still very much trending. This additionally boosts the overall volume OpenSea processes on a daily basis. Just a couple of days ago, CryptoPunks recorded $100 million in sales in a single day. In the past seven days, all of the top ten most expensive sales happened on OpenSea. These include a top-grossing CryptoPunk, four Art Blocks NFTs, and a couple of Bored Apes Yacht Club NFTs.
DappRadar will continue monitoring the development of the NFT space, alongside the performance of marketplaces and collections. If you’re curious to see your NFT collection in a grid view, with asset strength analysis for each NFT, check out DappRadar Portfolio, and our new NFT Value Estimator.