OpenSea held 97% of the NFT market volume in the last quarter

The NFT market is no longer a joke when it comes to memes and numbers. While the OpenSea NFT marketplace is considered by many to be the most successful platform, recent events and insights from ConsenSys’s Web 3 report reveal some easily overlooked aspects.

OpenSea’s daily volume passed the $ 146 million mark on December 8, according to Dune Analytics, close to the level last seen between September and October 2021. This comes despite most of the top 25 cryptocurrencies in the red.

ETH trading volume on OpenSea | The source: Dune analysis

While, report ConsenSys Web 3 shows that OpenSea is really successful in the second half of the year.

“Transactions on OpenSea were high in volume. In the record month of August, the platform accounted for $ 3.16 billion of the $ 3.25 billion in NFT sales. Interestingly, Nifty Gateway was the dominant NFT market until April this year, while OpenSea was the ideal target in the second and third quarters of 2021. ”

The report also adds that OpenSea held 97% of the market’s trading volume for the most recent quarter.

NFT Markets Monthly Volume | The source: ConsenSys

Stand firm after the waves

When Bloomberg published the article about OpenSea’s new CFO Brian Roberts, rumors of an initial public offering started spreading. In fact, the FUD firestorm raged through Twitter until Roberts himself rejected Confusion.

“There was incorrect information about OpenSea’s plans. Let me be honest: there is a huge gap between thinking about what an IPO will ultimately look like and actively planning an IPO. We have no plans to go public and if we do we will try to get the community involved. ”

Even so, OpenSea had an outstanding day on December 8th. Some users suggested that the cause could be the relatively low gas charges. In fact, the average gas price that day was 85.59 Gwei. This price is cheaper than at the beginning of the week and shows a strong correlation between the criticized Ethereum gas fees and various DeFi activities.

Average gas price ETH | The source: Y charts

Keep setting records?

The question now is how OpenSea will develop. Professionals often look at this NFT market to assess the state of the industry as a whole. But while COVID-19 is ravaging the world, the Metaverse appears to be healthier. Chainalysis report on the NFT market in 2021 called:

“As the most popular NFT market, OpenSea Analytics can tell us a lot about NFT growth in general. More than 6,000 NFT collections on OpenSea have at least one transaction, including buying, selling, or minting. This activity is trending as the number of active NFT collections has increased significantly since March 2021. ”

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