OpenSea breaks its previous record by setting up monthly trade volume exceeding $3.5 Billion.

    OpenSea, founded in 2017 by Devid Finzer and Alex Atallah, has broken its previous all-time high record of $3.42 billion, which they made in August 2021.

    With NFT’s total trade volume exceeding $40.9 billion last year, the NFT marketplace is also setting new records this year. So, let’s see how OpenSea made these record sales.

    What is OpenSea?

    OpenSea is a decentralized platform for buying and selling NFT. It includes collectables, games items, digital art, domain names, music, and other digital assets developed on blockchain technology, mainly Ethereum. It is also a digital asset aggregator and includes digital assets available on other marketplaces. 

    It’s the world’s first and largest NFT marketplace backed up by many angel investors such as Mark Cuban, Balaji Srinivasan, Avichal Garg, and many more.

    Why are people using OpenSea?

    OpenSea is the first marketplace for NFT, setting it the pioneer of this field. This platform uses Ethereum Blockchain standard ERC721 and ERC1155 to ensure that users and NFT creators don’t have security issues and genuinely own the items they trade. OpenSea uses intelligent contracts, which means no central authority can ever have custody of your digital objects, which ensures total security of both sellers and buyers.

    It offers people the choice to store items in their wallet of choice, whether a mobile wallet like Coinbase or Opera Touch or an extension like Metamask. It also has a mobile app which makes it easier for people to trade. 

    It also offers digital artists a royalty in proportion to the token’s value, making it a favourite among artists and sellers.

    The most significant advantage of using this platform is that it has the lowest gas fees globally. It has a minimum transaction charge of just 2.5% from the sellers, and no payment is charged from the buyers. As many other marketplaces have much higher gas fees, making it hard for them to earn from their NFT even if it is trading at a 10X higher price, OpenSea resolves this problem, making it much more prevalent among people.

    It also supports both Etherum and Polygon blockchain networks, making it more preferable to other marketplaces. Also they are trying to add new blockchain network to their marketplace so that more people can come in.

    Reason Behind this New Record

    A report by CoinTelegraph says the price hike of some popular NFT such as Bored Ape Yacht Club(BAYC) and its sister collections such as Mutant Ape Yacht club(MAYC) and Bored Ape Kennel Club(BACK) has led to an increase in its monthly sales. It also states that BAYC has generated more than $1 Billion in total sales. This BAYC NFT starts at 52 Etherum or approximately about $210,000 and is owned by a few celebrities like music artist Post Malone, American TV host Jimmy Fallon and basketball icon Steph Curry.

    Recently OpenSea got a new investment of $300 million which takes its total valuation to $13.3 billion, making it the biggest marketplace of NFT in the world. Many new celebrities have boarded themselves in this NFT marketplace which is why the OpenSea market is making these record sales. 

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