OpenSea, the leading NFT marketplace now processing more volume of transactions a day than it did for the whole year in 2020.
Devin Finzer, the co-founder and CEO of OpenSea, tweeted on August 2 that the platform had processed $95 million in two days.
Finzer estimates that OpenSea processed $21 million in traffic throughout 2021 and that the marketplace’s daily transaction value has increased by more than 650 times since 2020.
According to DappRadar statistics, OpenSea is extending its lead over competing for NFT marketplaces, with daily volumes of $543,000 and $248,000 for SuperRare and Rarible, respectively.
Rarible outpaced OpenSea in 2020, with the platform hosting more than $24 million in volume last year, while OpenSea now has 150 times the volume of Rarible. Despite falling further down the rankings, Rarible’s daily volume has nearly quadrupled since 2020.
SupeRare processed around $6 million in transactions last year, according to Dune Analytics, amounting to roughly $16,400 every day on average. As a result, the volume of SupreRare has expanded by more than 33 times since 2020.
The NFT sector grew rapidly at the start of this year before peaking in May, according to Cointelegraph, which reported in early June that overall NFT sales had already fallen by 90% from the market peak.
OpenSea now leads the NFT sector in terms of volume, according to DAppRader, followed by popular DApps Axie Infinity and CryptoPunks. Axie, a popular play-to-earn game, has a daily transaction volume of $27.12 million, with more than $5.5 million worth of CryptoPunks changing hands in the last 24 hours.
On July 20, OpenSea became a unicorn after raising $100 million in a Series B investment round at a $1.5 billion valuation.
The platform stated intentions to build a “gas-free” marketplace on Polygon as part of the investment round, as well as a deployment on Dapper Lab’s NFT-focused Flow blockchain.