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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

NFTmania to Decrease? Volumes of NFT Trades have Begun to Decrease

Although the volumes of NFT trading achieved tremendous heights in August, they decreased dramatically in September.

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Investors appear to have drastically lessened their demand for non-fungible tokens, reaching all-time highs in August. Indeed, the NFT-based trade volumes at Ethereum did not exceed $100 million in the last three days, while in August, they exceeded $500 million for one day.

The Volumes of NFT Trade to the South

According to Alex Thorn, head of firmwide research at Galaxy Digital, a recent study has shown that daily volumes of non-food tokens have been falling steadily every day since the start of September.

For example, the NFT marketplace was about 300 million dollars on September 1 and 2; however, the marketplace was less than 100 million dollars after September 10. On the contrary, the trade volumes recorded successive all-time highs, exceeding $500 million daily on 29 August.

Talking of the amazing peak last month, OpenSea – a significant peer-to-peer marketplace that is not fungible – was an enormous milestone as its trading volume reached the 1 billion dollar mark.

Previously, the platform had a total transaction volume of about $100 million in 48 hours. Moreover, this figure was four times higher than that registered by the Open Sea during 2020.

However, the NFT industry has increased its popularity this year despite the fall in trading volume in September. Athletes, singers, entertainers, musicians, and other notable people who started their different digital arts became highly attractive.

Who Was Part of the NFT Craze

Some are particularly concerned with the mania that is not fungible among these renowned persons. For example, the famous quarterback Tom Brady is like this.

In April, the 43-year old, probably America’s most successful football player, said that his own NFT platform, Autograph, would be released. By doing that, Brady planned to bring together important names from diverse industries, such as sports, fashion, pop culture, and entertainment. They might produce individual digital pieces of art.

Since Naomi Osaka, Tiger Woods, and Tony Hawk joined the platform, his plan appears to have been tremendously successful.

Eminem, a hip-hop giant, also stepped onto the NFT bandwagon. After working with the digital art auction platform, Nifty Gateway, the 15-time Grammy winner, unveiled a collection of his own, dubbed Shady Con.

One of the latest examples of this is the American comic book powerhouse Marvel Entertainment. Firstly, in early August, the organization joined together to release Spider-Man NFTs with the blockchain digital collectibles market – VeVe. Shortly thereafter, new digital collections, including Captain America, Barnes’ Bocky, and Red Skull, were added to expand their not-fungible token universe.

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China’s Official Media Slams the NFT Craze

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Securities Times, a sister publication of the People’s Daily, issued an editorial piece criticizing non-fungible tokens as the hype and arguing that digital assets should serve the real economy by tokenizing actual assets.

The essay also stated that NFTs should benefit the real economy by tokenizing real-world assets such as real estate and automobiles.

Meanwhile, Chinese tech behemoths are capitalizing on the NFT market’s strong success. Last week, Alibaba’s online mall launched an NFT moon cake — a dessert to commemorate the Chinese traditional celebration Mid-Autumn Festival — and it sold out in one day. In addition, Alipay sold two batches of NFT artworks in June and August, totaling 160,000 pieces on the day of issue. Tencent’s NFT platform “Huanhe” was also introduced in August.

Despite this, Chinese technological behemoths have been the subject of antitrust investigations for nearly a year. Alibaba was fined 18.2 billion yuan (US$2.812 billion) in April after being accused of monopoly. In July, the Market Supervision and Administration agency issued 22 antitrust fines to technology companies, including Alibaba, Tencent, and Meituan. The Central Commission for Discipline Inspection, China’s anti-corruption watchdog, published an article on its website on Saturday headlined “Set Traffic Lights for Capital Expansion,” demonstrating the government’s antitrust determination.

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Fees for Ethereum have Risen Dramatically

Yesterday, Ethereum’s average network fees increased by 300 percent, owing to the market’s fall and a hyped project’s minting event.

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Fees on the Ethereum network have risen yet more. This time, it appears to have been triggered by two different factors: the market’s fall and the impending release of a new NFT collection.

Since May, Ethereum fees have been at an all-time high

The costs on Ethereum’s network have soared yet again, with a 300 percent spike in a single day. According to YCharts, they were at their highest position since late May yesterday.

On September 7th, the average costs for Ethereum were $21.29.

The entire community took notice, with many claiming that there are cheaper choices available from competing businesses.

What Caused the ETH Fees to Increase?

Two factors could be at the root of the exorbitant ETH expenses. The marketwide collapse that we saw yesterday seems to be the most obvious explanation right off the bat.

Over $2.5 billion in long and short positions were wiped out in just a few hours. This occurred as Bitcoin fell below $43,000 and Ethereum fell below $3,000.

Such events trigger panic sellers. People are flocking to exchanges, especially decentralized ones like Uniswap, to liquidate their holdings and avoid more losses. As a result, the number of requests for transactions rises, pushing up the ETH fees. It occurs whenever there is a sudden movement in any direction.

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