With a Team of 37, OpenSea Exceeded $3 Billion in August’s Trading Volume

The market for NFTs has been undergoing an unmatched rally recently, persistently marking new milestones. Just last week, numerous stories of non-fungible tokens being sold at eye-popping prices made headlines across almost all media outlets, making everyone wonder what could be next for this market. 

Nevertheless, during this hype, OpenSea’s market share in terms of trading volume really stands out. Reportedly, the company handles 98% of all NFT trading volume, though with a team of only 37 members. 

Considering that the hype around NFTs is getting stronger with each passing day, it should come as no surprise that OpenSea processed over $3 billion in trading volume for the month of August alone. 

NFT Market Continues to Rally

Earlier this year, the NFT market saw dizzying highs as dozens of renowned celebrities and artists released their first pieces of digital art. However, within a couple of months, the hype started to fade out. 

By April, the NFT market was down by 50% on a month-over-month basis. By May, the market had plunged by 89%. However, starting in late July, the hype around NFTs returned to its previous levels.

While trading volume was just around $130 million for the month of June, July saw over $300 million in trading volume for the NFT market. By August, the trading volume reached over $3 billion according to data from Dune Analytics, increasing by over 850%. 

During this mania, Bored Apes and CryptoPunks have been two of the most popular NFT collections. Just last week, NBA star Stephen Curry spent $180,000 on a Bored Ape NFT. Earlier this month, Bored Apes also drew the attention of the international art auction house Christie’s, as the auction house announced its first auction of Bored Ape Yacht Club (BAYC).

Bored Apes are so popular that Bored Ape Yacht Club, the company behind those Ape NFTs, decided to launch Mutant Apes. The company released 10,000 Mutant Apes, which were all sold out in a single hour on Saturday night.

In mid-August, Visa also jumped into the NFT craze, purchasing a CryptoPunk for around $150,000. The news of this purchase spurred a surge in demand for CryptoPunks, as $20 million worth of these NFTs were sold in one single hour shortly after Visa’s announcement. 

What Was OpenSea’s August Trading Volume?

In late July, OpenSea managed to exceed $1 billion in gross market volume for the first time ever. Since then, the marketplace has resumed its insane rally. In August, OpenSea handled more $3 billion in trading volume. 

Nate Chastain, head of products at OpenSea, claims that the marketplace is home to around 98% of all trading volume. This makes OpenSea the definitive dominant platforms in the NFT market, surpassing the second position by a wide margin. 

However, it is worth mentioning that OpenSea’s swift ascent to the top of the NFT market was not without problems. The marketplace’s website has recently been down a number of times, triggering numerous issues for users. 

Notably, OpenSea has a team of only 37 members. However, with recent issues emanating as a result of a surge in new users, the company is now desperately in need of new staff. Chastain has even promised referral bonuses of 1 Ether, which shows the company wants new staff as soon as possible.

Another major market player in NFTs is SuperRare. While the platform is not comparable to OpenSea, it ranks in the second position in terms of market volume. In August, SuperRare processed $23 million in transactions, up from approximately $6 million in July.

What do you think the future holds for NFTs? Do you think the NFT hype will extend longer this time around? Let us know in the comments below.