thecoinrepublic.com
- Since last year, Uniswap has usually commanded the top spot.
- OpenSea, which has finished ahead of the decentralized finance (DeFi) exchange Uniswap
- The steep surge in NFTs has helped OpenSea to the top spot
Non-fungible token (NFT) marketplace OpenSea has caused a significant upset and has topped the leaderboard in gas consumption on the Ethereum blockchain over the past 24 hours. It is a rare feat for OpenSea, which has finished ahead of the decentralized finance (DeFi) exchange Uniswap.
For the last year, Uniswap – the most prominent decentralized exchange on Ethereum, has dominated the proceedings and commanded the most in daily transaction fees, which is a crucial benchmark for actual usage of the world’s second-largest blockchain.
NFTs have seen a steep surge earlier this year.
NFTs has seen a steep surge earlier this year, and this seems to have helped OpenSea in the top spot with over $1.9 million in gas spent on transaction fees in the past day. In comparison, a combined $1.57 million in transaction fees has been spent on Uniswap V2 and V3.
Several NFT Projects have been introduced in recent weeks, including Pudgy Penguins, Sad Frogs District, and Space Poggers. These NFT projects host different types of auctions that enable users to mint a random NFT for a given amount of ether (ETH, +3.68%), the native currency of the Ethereum blockchain.
OpenSea acts as a secondary marketplace for these NFT’s to be bid on and traded. In July, the market had raised $100 million in a funding round led by Andreessen Horowitz. Data site Glassnode projects OpenSea could have $1 billion in volume this month with 300,000 unique users.
NFTs can be designated as digital assets, and they could represent several heads, including art, music, collectibles, or in-game items. NFTs as crypto assets have been around since 2014 and have become mainstream since traders and art collectors are using NFTs to buy and sell digital artwork.
Immediately after the Bitcoin Bull Run in 2017, a total of $174 million has been spent on NFTs. There is a scarcity of NFTs in the market, and this is driving the prices higher. NFTs are unique because they have a limited run and are generally traded on peer-to-peer marketplaces like OpenSea.
Traders have turned profits on OpenSea by exchanging digital art
Most digital creations are infinite in supply. However, limiting the supply raises the value of the NFTs if there is a genuine demand in the market. Art collectors and traders have turned profits on OpenSea by exchanging digital art.
NFT trade volume and popularity have surged recently, and Crypto buffs and gamers from developing countries are now enthusiastic towards non-fungible token (NFT) trading and gaming spurred by the lure for supplemental income generation. Top fashion brands Louis Vuitton and Burberry are now diving into NFTs and online gaming. In addition, fashion, sports brands, and online gaming applications are releasing NFTs of their latest collections. As a result, there has been an exponential surge in demand.