The largest non-fungible token (NFT) marketplace has hit another impressive milestone in 2021 amidst growth in that market.
What Happened: OpenSea has surpassed the $10 billion sales volume milestone, just three months after passing the $1 billion mark.
The milestone was broken down by Mason Nystrom of Messari Crypto on Twitter. OpenSea had sales volume of $24 million in 2020, $8 million in 2019 and $473,000 in 2018.
OpenSea has a significant lead ahead of rivals: Rarible and SuperRare have sales volumes of $264.0 million and $178.0 million, respectively, according to DeCrypt.
Play-to-earn NFT game Axie Infinity ranks second for sales volume with its own platform hitting $3 billion in volume in the game’s lifetime.
OpenSea has 635,698 traders on its platform, compared to 83,810 for Rarible and more than one million for Axie Infinity.
OpenSea completed a $100 million funding round in July valuing the company at $1.5 billion. Andreessen Horowitz led the round. Other investors include Kevin Durant and Ashton Kutcher.
Why It’s Important: Cryptocurrency platform Coinbase Global Inc COIN announced its intentions to launch an NFT marketplace.
OpenSea has been able to fend off competition for Ethereum ETH/USD-based NFT transactions. Coinbase could pose a valuable threat to OpenSeas’s dominance.
Coinbase has more people signed up for its platform’s waitlist than OpenSea, Rarible and SuperRare combined.
Appealing to retail traders, Coinbase has become a favorite cryptocurrency platform thanks to its ease of use for beginners. Coinbase could see a similar approach with building a new NFT platform built for people new to the growing world of non-fungible tokens.
COIN Price Action: Coinbase shares are up 5.01% to $353.792 at market close Monday.
Photo: OpenSea YouTube screenshot
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