OpenSea Looks To Expand Team Of 37 As Weekly NFT Sales Exceed $1B On The Platform

What Happened: Popular decentralized NFT marketplace OpenSea hit a record $1 billion in weekly sales.

According to data from DappRadar, the total value to smart contracts on OpenSea’s marketplace stood at 450,000 Ethereum ETH/USD or $1.44 billion over the past week, up 177% from the one that passed.

In fact, for the entire month of August, the platform generated $2.93 billion in trading volume driven by over 2 million transactions from close to 190,000 users.

Meanwhile, only 37 people employed at OpenSea have been handling 98% of all NFT trading volume.

Read also: What are nonfungible tokens?

The “pressing need for manpower” at the NFT marketplace prompted OpenSea’s Head of Product Nate Chastain to announce the platform was urgently looking to hire engineers and designers.

“Interview process involves some practical coding exercises related to hypothetical OpenSea functionality, but we don't want to over-index on interview skills/algorithm work. We evaluate candidates holistically,” he said.

What Else: OpenSea’s popularity has surged in recent months following another explosive boom in NFTs that dwarves the weekly volumes seen earlier this year.

While popular collections from CryptoPunks and Axie Infinity drove most of the month's sales, some newer spinoffs recently received wide amounts of traction.

A prime example of this was witnessed on Saturday when Board Apes Yacht Club holders sold $96 million Mutant Apes NFTs in under one hour.

Read also: Top 10 NFT Projects By Volume: CrytoPunks Lead Way, Bored Ape Lands 3 Spots

Bored Ape owners included NBA star Stephen Curry, who used his ape as his Twitter profile picture to signal he was part of the club. Curry reportedly bought his ape for 55 ETH or $180,000 – more than 80 times its original price.

Photo: Courtesy of OpenSea

Posted In: BitcoinBlockchaincryptocurrenciesEthereumNFTNFTsSmart ContractsCryptocurrencyNewsMarketsTechTrading Ideas

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.