OpenSea transaction volume in December reaches $ 3 billion

Despite the Covid-19 pandemic, NFTs were the topic of conversation in summer 2021. As winter approaches, many experts say that “the NFT market is dead”. However, a look at some of the numbers shows that it is not.

Trading volume increases

OpenSea’s monthly transaction volume reached more than $ 3 billion ($ 3,047,073,775), just below the August all-time high, according to Dune Analytics. In terms of Polygon, OpenSea‘s monthly transaction volume is over $ 70 million, marking a six-month high.

However, looking at the number of NFTs sold, OpenSea NFT on Polygon exceeded 1.5 million this month, while OpenSea NFT on Ethereum fluctuates between 1-1.5 million.

“According to Dune Analytics data, OpenSea’s trading volume exceeded $ 3 billion this month, second only to its peak in August. In addition, OpenSea had more than 345,000 active trading users during the month, a record high.”

What influences OpenSea’s transaction volume?

In the 2021 Executive Summary, Arcane Research notice:

“OpenSea has achieved unicorn status through a funding round and is valued at an estimated US $ 10 billion. NFT’s strong growth has added to the growing problem of Ethereum’s transaction fees and created an opportunity for other Layer-1s with higher throughput to thrive. “

Soaring gas fees are a factor that affects NFT traders and Ethereum users directly. The relatively low gas charges could contribute to the high number of users this month. While there are regular transaction fees of over 100 and 150 gwei in November, fees are much lower in December.

Source: YCharts

Another possible player is OpenDAO – a project that has promised to send 50% of 100 trillion SOS tokens to users who have purchased from OpenSea. 80.1% of this has been distributed to date. According to Dune Analytics, this period saw the highest daily transaction volume from Ethereum-based OpenSea since October.

Source: Dune Analytics

The future of OpenSea

The analysis is correct, but mood and motivation are also important. OpenSea has been criticized by the traditional art scene for believing the NFT giant isn’t strong enough to fight art theft on its platform.

2022 will show how OpenSea solves this problem. And let’s see if the platform can build up momentum over the next year to outperform the competition, including Coinbase’s highly anticipated NFT market.

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