Behind the record highs of OpenSea transaction volume and user numbers, it is largely due to the surge in sales and prices of popular projects.
Extended reading: “Understand OpenSea, the NFT Unicorn that has grown a hundredfold within the year”
Original title: “Transaction volume and number of users both hit new highs. Who is behind the brilliant OpenSea transcript? 》
Written by: Nancy
After several years of precipitation and development, NFT ushered in a period of rapid growth in the continuous iteration of various sectors and gameplay. From the popularity of encryption art and the hype of virtual land, to the popularity of GameFi games and the popularity of NFT, the ecology of NFT has gradually diversified from a single, and the market scale has expanded at an alarming rate, and there is no sign of calming down.
At a time when the enthusiasm remains high, the demand for NFT transactions is also rising, which directly drives the rapid development of various trading platforms. Among various trading platforms with unique characteristics, OpenSea is undoubtedly the leader of the track. Its current total transaction volume has broken through 2.2 billion US dollars and the number of users has exceeded 240,000.
In this regard, this article will explore Opensea’s market performance data and the reasons behind the skyrocketing transaction volume to see if this comprehensive trading platform has truly become the absolute leader.
The monthly transaction volume is 52 times that of the entire year of 2020, and the influx of new users has recovered and the old users have recovered
As a decentralized NFT market established in 2018, OpenSea can be regarded as “eBay” in the NFT field. Users can buy, sell, auction, and even make free NFTs without prepaid Gas fees, covering digital art, encrypted collectibles, and games. Subdivision areas such as items, music, virtual land, domain names, etc.
OpenSea can be regarded as the largest flow entrance of NFT. From the statistics in the figure below, compared to other trading platforms, OpenSea is far ahead in terms of total transaction volume and total number of users. Compared with the second-ranked Rarible, OpenSea’s transaction volume is 12.6 times its number, and the number of users is 3.6 times. Although Rarible relied on the issuance of governance tokens and innovative liquid mining to quickly seize a lot of market share for a period of time last year, and was once ahead of OpenSea, from the current point of view, the attractiveness of token incentives seems to be It is not sustainable. On the contrary, OpenSea, which has not yet issued a governance token, is firmly on the throne.
In addition to OpenSea, SuperRare’s transaction volume performance is more impressive, and its sharp increase in transaction volume is largely due to the issuance of governance tokens and airdrops to users who have conducted transactions. However, from the overall scale, there is still a big gap between SuperRare and OpenSea. The total transaction volume of the former is only 1/24 of the latter, and the user is only 1/61. In addition, the transaction volume and number of users of Foundation and Makersplace are not comparable to OpenSea.
At the same time, the substantial increase in the total number of active trading addresses of OpenSea also means that the growth of the user scale not only depends on new users, but also some silent users have been activated. Dune Analytics data shows that the total number of active trading addresses so far this month has exceeded the 100,000 mark, reaching approximately 119,000. Compared with the total number of active addresses last month, it has increased by 91.9%. At the same time, the number of active addresses so far this month accounted for 48.5% of the total addresses, while the proportion in July was 25.3%.
In addition, the growth rate of OpenSea transaction volume can also be seen from the amount of Gas usage and the amount of ETH burned by Ethereum. Among them, etherscan data shows that in the past 24 hours, OpenSea’s gas consumption ranked first, spending more than 1.2 million U.S. dollars. At the same time, ultrasound.money data shows that since the official launch of EIP-1559, OpenSea has become a major burning consumer with more than 7,969 ETH burned, ahead of popular applications such as Uniswap V2, Axie Infinity, and Metamask.
The reason why OpenSea can quickly settle on the throne of the market is inseparable from the fuel of many factors. On the one hand, the enthusiasm of the NFT market has promoted market transaction demand. Google Trends data shows that since the beginning of the year, NFT search volume has increased by 13.7 times. At the same time, Nonfungible data shows that as of August 18, NFT’s monthly transaction volume has doubled 19.3 times from the beginning of the year. From the perspective of OpenSea transaction volume growth, the monthly transaction volume of US$1.06 billion in August this year alone is 52 times that of the US$21 million in 2020.
On the other hand, the participation of well-known institutions and celebrities has also expanded OpenSe’s reputation. Since its establishment, OpenSea has not only attracted big names such as Yao Ming, Zion Williamson, Jalen Suggs, and Takashi Murakami, but also won the favor of well-known institutions such as The Associated Press, Fortune Magazine, Coca-Cola and McDonald’s France. . Under the call of these big IPs with a huge fan base, OpenSea’s participation has naturally been greatly increased.
In order to further attract users, OpenSea has spared no effort to enhance the platform experience. It should be understood that although NFTs have been successfully released and many works have been sold at high prices, factors such as poor liquidity and high speculation have made the value of most NFTs low, even lower than the gas fee. OpenSea chose a more “people-friendly” approach, allowing anyone to create and sell NFTs for free, and only pay a gas fee when the OpenSea account is initialized for the first time or after the product is sold. Not only that, OpenSea also integrates the second-tier expansion solution Immutable X to provide users with zero gas cost casting and transactions.
It is also the bright market performance and prospects. With a valuation of 1.5 billion US dollars, OpenSea has successively obtained high financing from well-known investors such as a16z, Coinbase, 1confirmation and Mark Cuban.
However, OpenSea is also facing thorny issues such as infringement. For example, the recent NFT project Sad Frogs District removed its 7,000 NFTs from OpenSea due to an infringement complaint filed by the creator of Pepe the Frog, Matt Furie. The well-known programmable artwork “Eth Boy” The art creator Trevor Jones sued for discovering an unauthorized artwork “Satoshi” on OpenSea.
Behind the skyrocketing transaction volume, which projects have become the driving force?
From the perspective of overall development, the increase in OpenSea’s market share mainly started in July this year. Dune Analytics data shows that the transaction volume from July to date accounts for more than 61% of the total transaction volume. According to the statistics of OpenSea’s top ten projects in the past 30 days in terms of transaction volume in the following figure, this sudden growth cannot be separated from the promotion of popular projects such as CryptoPunks, Art Blocks Curated, Bored Ape Yacht Club, Parallel Alpha and Meebits.
The first is the recent fire avatar NFT project. Among them, as the originator of the NFT, CryptoPunks launched in 2017, the total transaction volume of the project in OpenSea is close to 312,000 ETH, with 2,800 owners. Among them, from July 30 to August 6 this year, the sales volume of CryptoPunks soared, and an average of 202 NFTs were sold every day. Prior to this, the highest daily sales volume of CryptoPunks was only 117.
Orangutan-themed Bored Ape Yacht Club has also surged in popularity recently. As of August 18, the transaction volume of Bored Ape Yacht Club has exceeded 73,000 ETH, with 5,200 owners. According to data disclosed by OpenSea, Bored Ape Yacht Club’s transaction volume and average selling price have increased significantly since late July, and its sales in the past 30 days accounted for 48.7% of the total transaction volume, reaching 35,000 ETH, and The average price rose more than 1.1 times.
The portrait NFT Pudgy Penguins has become popular recently, including the New York Times author Kevin Roose, who made his own column NFT and auctioned 350 ETH, and Reddit co-founder Alexis Ohanian, etc., also joined the fat penguin carnival. OpenSea data shows that in the past month, Pudgy Penguins’ transaction volume has exceeded 20,000 ETH, and the number of owners has reached 4,200. During this period, the average selling price of Pudgy Penguins also increased by 41 times. Calculated based on sales, the production team behind Pudgy Penguins with a total of 8888 can get 266.64 ETH in the primary market and 621 ETH according to the 3% royalty share.
The new work Meebits by Larva Labs, the development team of CryptoPunks, is also a very popular project, and it was robbed as soon as it was launched. Meebits was included in the well-known auction Christie’s NFT auction with the theme “No Time Like Present” on September 17, which was also the first time the project was auctioned on a non-NFT trading platform. OpenSea data shows that Meebits’ transaction volume has reached 43,000 ETH, with 5,000 owners. In the past month alone, Meebits transaction volume reached 17,000 ETH, accounting for 39.5% of the total transaction volume, and the average selling price has also increased by nearly 2.7 times.
In addition to these avatar NFTs, items including Animetas and Cool Cats are also popular on OpenSea recently.
Of course, Art Blocks Curated, the NFT platform that generates artworks, is also very popular recently, and its NFT works transaction volume has seen a significant increase. For example, a member of the Ethereum community named @quantbike recently exchanged Cryptopunks for 15 pieces of the Art Blocks Curate series. According to OpenSea data, as of August 18, Art Blocks Curated had sales of over 65,000 ETH, with 5,500 owners. Among them, Art Blocks Curated hit a record high with daily sales of 2173 ETH on August 12th. Judging from the average selling price in the past month, Art Blocks Curated has increased 3.4 times.
The fantasy football game sorare is also a dark horse in the recent NFT market. OpenSea data shows that Sorare’s sales exceed 50,000 ETH and the number of owners is nearly 330,000. In the past 24 hours alone, Sorare’s sales have soared by more than 1470.5%. In terms of average selling price, Sorare has increased by more than 1.4 times in the past month.
In addition, the science fiction NFT card game Parallel Alpha is also receiving a lot of attention. Although Parallel Alpha is not yet online, its NFT sales began to explode at the end of July due to its high-quality team backgrounds such as Blizzard, Epic Games, Ubisoft, and DreamWorks Animation. OpenSea data shows that the total transaction volume of Parallel Alpha exceeds 17,000 ETH, the number of users exceeds 6,200, and the sales in the past 7 days have increased by 198.5%. Similarly, the average selling price of Parallel Alpha has also risen significantly, increasing by 21.8 times in the past month.
From this point of view, behind the record highs of OpenSea transaction volume and user numbers, it is largely due to the surge in sales and prices of popular projects. However, although OpenSea has temporarily held the throne of traffic, as the entire NFT sector is in the early stage, there are still variables in the future market structure.
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