NFT marketplace OpenSea witnesses massive surge in trading volumes

The popularity of Non-fungible Tokens or NFTs continues to grow. Peer-to-peer NFT marketplace OpenSea has reported a massive increase in its volumes over the past one month.

The marketplace has gained over $1.8 billion in terms of monthly trading volumes. This amounts to volume growth of a whopping 546 percent as compared to the previous month.

According to a report in Crypto News Australia, analytics data attributes this to several factors that include trading volumes, monthly sales and active traders.

OpenSea’s July trading volumes stood at just $284 million which is why the surge over the past month is all the more noteworthy. This bodes very well for NFTs.

The marketplace witnessed 1.1 million in NFT sales since the beginning of August whereas in the previous month this number was around 450,000, Crypto News Australia reported.

This only goes on to show that NFTS clearly are on the road to greener pastures. From celebrities to automobile manufacturing companies, suddenly everyone’s jumping on to the NFT bandwagon.

Published By : The Times Of India

NFTRADAR

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