OpenSea: The Marketplace At Forefront In The $17 Billion NFTs Market

• NFTs are emerging as robust contenders to traditional art lately, as they have become quite trendy recently. 

• OpenSea, one of the largest NFT marketplaces, is the center of attraction in the $17 Billion NFT market. 

• OpenSea saw a monthly trading volume of roughly $5 billion in January, flipping its previous high.

Non-Fungible Tokens (NFTs), are a concept that has brought a whole new level of opportunities for the digital artists, they not only have the control over their art but also have their digital ownership. 

Similar to cryptocurrencies, NFTs have varied players in the space along with a variety of marketplaces to choose from. And there comes OpenSea, which is currently at the center of the $17 Billion NFT market. 

OpenSea Have An All-Time sales of $23 Billion In The NFTs Market

It’s safe to say that the name of OpenSea pops up first on the minds of NFTs enthusiasts when it comes to marketplaces. It’s an online marketplace that facilitates folks to create, sell and trade NFTs, it is among the largest NFT marketplaces. According to data by Dune Analytics, it has over 1.5 million active users. 

And in January, OpenSea witnessed a busy month as it recorded a monthly trading volume of roughly $5 billion, flipping its previous high of August 2021.

But again, not all the positives here, as apart from witnessing that growth, it also saw high criticisms regarding user complaints related to fraud and plagiarism. 

The crypto industry and the related concept of Non-Fungible Tokens (NFTs) are not free from hacks and frauds either. Crypto-related frauds increased by roughly 79 percent last year, data from Chainanalysis signifies. 

According to the director of research at Chainanalysis, Kim Grauer, they’ve been looking at market manipulation, plagiarism, wash trading, and then your run-of-the-mill phishing fraud, which is also something that has been coming into the NFT sector.

According to data by Dappradar, OpenSea is the largest NFT marketplace by All-Time sales, which is about $23 Billion to date, and the total number of traders is 1,417,562. 

The marketplace is constantly growing as it recently disclosed its plans to add Solana (SOL) support. OpenSea currently supports three blockchains that are Ethereum, Polygon, and Klaytn. Following the integration, Solana (SOL) will be the third layer one and fourth blockchain network whose NFTs could trade on the marketplace. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)