Nonfungible tokens appear to be bubbling again, with marketplace OpenSea now processing more volume daily than it did for the entirety of 2020.
Leading nonfungible token (NFT) marketplace OpenSea is now processing more transactions daily than it did during the entirety of 2020.
On Monday, Devin Finzer, co-founder and CEO of OpenSea, tweeted that the platform had processed $95 million worth of transactions in two days.
Finzer estimates that OpenSea processed $21 million in volume for the entirety of 2021, as the marketplace appears to have enjoyed an increase in daily transaction value by more than 650 times since 2020.
DappRadar data shows that OpenSea is extending its lead over rival NFT marketplaces, with SuperRare and Rarible currently representing daily volumes of $543,000 and $248,000, respectively.
While Rarible outperformed OpenSea in 2020, with the platform hosting more than $24 million worth of volume last year, OpenSea now represents 150 times the amount of Rarible’s volume. Despite sliding down the leaderboard, Rarible’s daily volume has nearly quadrupled since 2020.
According to data from Dune Analytics, SupeRare processed around $6 million in transactions last year, equating to roughly $16,400 daily on average. As such, SupeRare’s volume has increased by more than 33 times since 2020.
The NFT sector saw meteoric growth at the beginning of this year before topping out in May, with Cointelegraph reporting in early June that total NFT sales had already declined by 90% from the market peak.
Despite the market tapering off in June, NFT sales still topped $2.5 billion in the first half of 2021.
According to data from DappRadar, OpenSea is currently leading the NFT sector by volume, followed by popular decentralized applications Axie Infinity and CryptoPunks. The surging play-to-earn game, Axie, represents $27.12 million worth of daily transaction volume, while more than $5.5 million worth of CryptoPunks has changed hands in the last 24 hours.
OpenSea recently attained unicorn status after closing a $100-million Series B funding round at a $1.5-billion valuation on July 20.
As part of the funding round, the platform announced plans to launch a “gas-free” marketplace on Polygon in addition to a deployment on Dapper Lab’s NFT-focussed Flow blockchain.