Prominent NFT marketplace OpenSea is on fire and has again broken the daily volume record with a whopping $302 million. OpenSea saw tremendous growth as it rode the NFT mania that continues to sway the market to new heights. The total incoming value to OpenSea’s rose by 516% from a mere $49 million registered at the beginning of the month.
Notably, a huge chunk of the NFT platform’s trading volume surge was observed to have happened after June 2021. As the wider cryptocurrency market resumed uptrend in August, the capital entering the marketplace’s smart contract also saw a major spike. The latest consolidation has had little effect on the figures which started to climb higher after breaking previous records.
As a matter of fact, since the beginning of the year, the trading volumes on the peer-to-peer non-fungible token marketplace have surged by over 12,000%, according to the latest chart compiled by DappRadar. With respect to transactions, OpenSea has processed more than 1.12k transactions as of August 29. The number of users on the platform was also at the highest level at 40.71K, increasing over 217% in the last 30 days.
Devin Fizner, Co-founder and CEO at OpenSea, had earlier spoken about the growth of OpenSea in an interview and stated,
“Our infrastructure and platform team in particular have had to deal with levels of service and website traffic that we had never handled before. All of these things have been a huge effort over the last 12 months, as we’ve gone from about $1 million in GMV to now, over $2 billion in GMV in probably one of the shortest time horizons for any consumer marketplace”
NFT marketplace wants to expand its team
OpenSea’s head had Nate Chastain recently took to Twitter and disclosed that the popular marketplace consists of only 37 staff members despite all the outrageous NFT volumes. According to the exec’s tweet, the handful of staff members are currently handling 98% of all NFT volumes.
Besides, OpenSea also happens to be the largest consumer of Ethereum network fees, as per the data on EtherScan. It has produced over 22% of the total transaction fees for Ethereum in the past day alone, which totalled almost $6 million, way more than Uniswap DEX and Tether combined.