The prominent NFT marketplace, OpenSea has exceeded an astonishing $1 billion in monthly trading volume in August. According to the latest stats compiled by Dune Analytics, the non-fungible token auction house has massively dwarfed previous records as NFT hype continued. As a matter of fact, OpenSea’s trading volume for the month of August was up by approximately 360% since that of July from just $325.9 million to a whopping $1.49 billion.
OpenSea has been one of the most bustling platforms in the NFT space. So much so that it reached $100 million daily volume for the first time on the 22nd of August.
This Ethereum-based marketplace has emerged as one of the most popular platforms boasting various features and tools for digital artists as well as buyers and collectors. Last month, OpenSea had secured $100 million in a funding round led by Andreessen Horowitz.
OpenSea NFT marketplace overtook Uniswap on Ethereum usage
In the second week of this month, the NFT marketplace surpassed the leaderboard in terms of gas consumption on the Ethereum network even outpacing the leading decentralized finance [DeFi] exchange Uniswap. This was a rare finish as the DEX had been leading the charts with respect to daily transaction fees, depicting significant usage.
However, deFi has taken a back seat as NFTs resurged from highs earlier this year. This has driven activity on OpenSea had previously fetched the top spot and the latest data from Etherscan demonstrates that OpenSea has continued to outperform numerous Ethereum projects. In fact, it has been the top gas guzzler in the network.
Previously, Glassnode insight had detailed the wild growth on OpenSea which was has been primarily driven by enormous user growth and widespread interest in the space. According to the July stats, 63,000 addresses interacted with the platform. Contrastingly, the popular DEX Sushiswap had just 34,000 addresses interact with it over the entire course of July.