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As OpenSea Marketplace Posts Record-breaking Numbers, it’s Been a Wild Month for NFTs

The NFT market observes a wild month as trading volume shoots up and OpenSea marketplace posts record-breaking numbers.

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OpenSea, an NFT marketplace, sets a new monthly trading volume record of $1.68 billion

According to Dappsradar, the non-fungible token marketplace has seen monthly numbers that are unprecedented, with trade volume on the platform increasing by about 580 percent in the last 30 days.

OpenSea is a prominent NFT marketplace that runs on the Ethereum blockchain. It is, in fact, the largest by trade volume and one of the oldest of its kind.

The marketplace has seen about $1.68 billion in trading volume, or 510.4k ETH, during the last month. In addition, the platform boasts 153k traders, a 178 percent increase during the same time period.

Not only has OpenSea witnessed a significant increase in trade volume, but so have the other major NFT platforms. According to Dappsradar, Axie Infinity, the second-largest platform, had a 56 percent growth in volume, with $867 million in total.

Following closely behind is the popular digital collection CryptoPunks, which has generated almost $412 million in trading volume in the last month, an increase of 802 percent.

The NBA’s official NFT marketplace, Top Shot, also saw a 10% increase in monthly sales, reaching $24 million.

According to its historical data since its establishment, OpenSea has processed more than $2.5 billion in trading activity. However, this indicates that almost 67 percent of that total came from only last month!

The company raised roughly $100 million in Series B fundraising earlier this year, making it a unicorn blockchain company.

The Current Market Situation

The weekly trading volume of the NFTs market plummeted by 90% in May, from an all-time high of $176 million at the time.

As market activity increased substantially at the beginning of this month, the market began to make a recovery. It reached a new ATH of roughly $375 million on August 6, more than doubling the previous one.

The weekly trade volume has dropped again after setting a new high. However, the activity is still good enough to be near prior ATH levels at this time.

Here’s a graph of the weekly trading volume trend for several NFTs over the last year:

The value of the measure declined substantially in May after making a new ATH, as shown in the graph. Coincidentally, Bitcoin dropped by about 50% around the same time.

BTC’s price is around $49.4k at the time of writing, up 6% in the last seven days. The chart below depicts the cryptocurrency’s price trend.

NFT

Snoop Dogg Gives Advice to Reese Witherspoon on Ethereum NFTs

Snoop Dogg, a celebrity NFT collector, shares his thoughts on who to watch in the space.

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Reese Witherspoon is dabbling in the crypto realm, starting with an Ethereum (ETH) purchase and now her first NFTs. On the latter front, she’s getting help from Snoop Dogg, a rapper and entertainer who just claimed that he’s very involved in the NFT movement.

“Just bought my first NFTs!” tweeted Witherspoon on Monday. “I’m gaining a lot of knowledge. I’d love to hear about inspiring women who are developing #NFTs. Chat with me on #cryptotwitter.” She didn’t specify which NFTs she bought. In early September, Witherspoon tweeted about purchasing her first ETH, and she sought guidance from Crypto Twitter in both situations.

Snoop has identified himself as a dedicated NFT collector under the moniker Cozomo de’ Medici, with a collection valued at more than $17 million as of this writing (per DappRadar). As his Cozomo Twitter account shows, he’s well-versed in the scene and was ready with a recommendation for Witherspoon.

Snoop advised Witherspoon contact Priyanka Desai, the chief of operations at OpenLaw and an NFT-collecting DAO Flamingo DAO member, in a quote-tweet.

Snoop’s Cozomo de’ Medici pseudonym tweeted, “May I kindly recommend a conversation with @PriDesai, one of the most influential women in NFT, who can then connect you with the most incredible female artists, collectors, and innovators in our world,”

Snoop’s tweet has elicited no response from Witherspoon. Still, she did enjoy several other responses from the Crypto Twitter community, including a couple about the World of Women NFT initiative. She also liked tweets from Stoner Cats, the NFT-funded animated project co-created by actress Mila Kunis, and one from someone who said if she bought a Deadfellaz NFT, they would get a “Reese” tattoo.

In late September, Snoop Dogg unveiled his Cozomo de’ Medici NFT-collecting identity, as well as cooperation with The Sandbox, an upcoming NFT-based metaverse game.

He also uses a CryptoPunks NFT as his Twitter avatar, and he’s just purchased more high-value Ethereum NFTs, including a $3.9 million piece from XCOPY and an undisclosed stake (a “large portion,” according to the broker) of an Art Blocks “Fidenza” NFT valued at 2,500 ETH ($8.7 million).

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Sales of NFT Frenzy Surpass $10 Billion in the Third Quarter, while AXS Sets a New High

In the third quarter of 2021, a record number of nonfungible tokens (NFT) were sold, and the frenzy shows no signs of slowing down.

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According to data from analytics websites, more than $10.7 billion worth of NFTs were sold between July and September.

Over the last three months, digital art, memes, gaming products, and collectibles have sold like hotcakes, garnering attention from Reuters.

According to the report, which cited DappRadar data, the massive third-quarter amount was up from $1.3 billion in Q2 and $1.2 billion in Q1. However, the estimates could be substantially higher because off-chain transactions, such as those conducted by auction houses are not included.

NonFungible, which only tracks NFTs on the Ethereum blockchain, estimates that the total volume in 2021 will be $7 billion.

Axies and OpenSea are leading the way

In terms of trade volume, the NFT marketplace OpenSea has dominated. Because most NFTs follow the Ethereum ERC-721 standard, they’ve been responsible for some of the highest transaction costs in recent months.

According to Etherscan, the platform is the top gas generator on Ethereum, accounting for 22.5 percent of the total share in the last 24 hours. Since yesterday, it has generated 2,189 ETH ($7.3 million) in network fees. OpenSea consumes more gas than Uniswap and Tether combined.

According to DappRadar, OpenSea has handled $2.75 billion in NFT sales in the last 30 days.

According to NonFungible, more than half of the NFTs sold during the period were between $101 and $1,000, with roughly 20% in the $1,001 to $10,000 range.

Art Blocks, an NFT project based in the United States that sells algorithmically generated digital artworks, had a strong quarter. According to CryptoSlam, the Axie Infinity “play-to-earn” metaverse has been the greatest seller of NFTs to far, with over $2.2 billion sold.

According to the NFT ranking website, there are currently roughly 2 million Axie owners. According to DappRadar, Axie Infinity made $776 million in Q3 revenue.

AXS is pushed to ATH by NFT Fever

Last week, the gambling platform introduced staking incentives for its native AXS tokens, causing the price to skyrocket to an all-time high of $156 on Oct. 4.

According to CoinGecko, AXS was trading at $137 at the time of writing, up 115 percent in the last seven days and 825 percent in the previous three months.

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The Granddaughter of Warren Buffett Is Interested in Ethereum and NFTs

Nicole Buffett has become a supporter of the NFT, despite her grandfather’s skepticism.

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Nicole Buffett, Warren Buffett’s granddaughter, recently told Institutional Investor that her collection of non-fungible tokens had nearly sold out in just a few months.

While competitors like Cardano and Solana aim to threaten Ethereum’s dominance in the NFT market, the progeny of the great business magnate claims that Ether is the currency of the NFT field.

Buffett claims that she only accepts the dollar for physical art:

“I’ll assist folks in getting set up so they can buy paintings on the blockchain, but the NFT space’s currency is Ethereum. Physicals are still paid in dollars.”

Warren Buffett is regarded as one of the most outspoken cryptocurrency skeptics, referring to Bitcoin as “rat poison squared.”

His granddaughter says that investing in art is similar to stock or bond investing:

“When my grandfather examines something, he asks, ‘Does it have integrity? Does it have a long-term value? Can you tell me what the components are and how you’d break them down?’ … Art is a lot like that.”

Buffett says she wants her NFTs to remain inexpensive in terms of price.

Before the deal, most of Buffett’s customers are unaware of her ties to one of America’s wealthiest families.

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