Opensea, a well-known name in the NFT marketplace has crossed a milestone in its sales for all time – $20 billion. Over 1.2 million traders have used this platform since its founding in 2017. Per data released by dappradar.com, the $1.2 billion figure was reached after all metrics were considered.
How does Opensea work? Users of the platform can sell non-fungible tokens at fixed prices and may also participate in auctions to sell. When the platform was founded in 2017, it used the Ethereum blockchain. Recently, layer-two support by the Polygon blockchain was added.
Data released by analytics firm Dune indicates that the transaction count for Opensea and the corresponding USD volume has gone up tremendously over the last month. At the time of publishing, metrics show that it is 35.17%.
Opensea is the current market leader in the NFT space today, but it has a competitor in Looksrare, a new player in this arena. Looksrare’s trading volumes are currently at $14.65 billion. In the last few weeks, the NFT market has been dealing with washtrading problems.
Other companies competing with Opensea are Atomic Market, Digitaleyes Market, Rarible and others. Of these, Magic Eden, even though it processed the greatest number of sales, has managed only $582 million in all-time sales numbers. Axis Infinity has $4.08 billion in sales and ranks 3rd. Opensea and Looksrare are the market leaders. Just before hitting its all-time high in sales, Opensea bought Dharma Labs. By buying Dharma Labs, Opensea’s total valuation was increased to $13.3 billion.