The weekly trading volume on the Ethereum-based NFT marketplace OpenSea has reached an all-time high of $1.14 billion, up 170 percent from the previous week.
Non-fungible tokens, or NFTs, are blockchain-based tokens that establish ownership of digital assets such as photos or video files, as well as physical goods.
OpenSea is a well-known trading platform for NFT art collectibles such as CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins.
So far in August, the marketplace has facilitated $2.49 billion in trades, which is 666 percent more than the previous month’s record of $326 million.
This month’s most popular marketplace is SuperRare, which has received $23 million in revenue. The Foundation comes in third place with $14 million.
Although certain projects, such as NBA Top Shot, are created on the Flow blockchain, Ethereum hosts the vast majority of NFTs. On Ethereum, OpenSea dominates the market, accounting for 98.3 percent of all Ethereum-based NFT activity this month.
According to data from analytics site Dune Analytics, OpenSea’s most recent ascension began when its daily trading volume increased from $13.4 million on July 30 to $39.4 million the next day, an all-time high at the time.
Since that sharp surge in trading volume on OpenSea, the marketplace has set and broken record after record. OpenSea’s daily trading volume reached a new high of $208 million on Tuesday, beating the previous high of $193 million recorded last Sunday. Yesterday, the third-highest day volume was $178 million.
The July 31 rise was caused by a trading frenzy for CryptoPunks avatars, which pushed the four-year-old NFT project’s daily trade volume from $1.8 million to $41.5 million in a week. According to OpenSea data, the project’s total revenues have already surpassed $1 billion, and its trading volume has increased 649 percent.
Although CryptoPunks is not included in the marketplace’s transaction total, the frenzy surrounding the top collector project has undoubtedly benefited OpenSea’s numbers.
Other NFT projects only trade on OpenSea, and many new collectibles have appeared this month.
With $1.2 billion in monthly volume, OpenSea is at the forefront of the Ethereum NFT revival.
According to CryptoSlam.io, Bored Ape Yacht Club, the NFT project that NBA star Stephen Curry aped this morning, has surpassed its daily trading record with $39 million in sales today.
Demand for CryptoPunks skyrocketed when Visa stated on Monday that it had purchased one of the avatars for $165,000. Although that is a small sum for a payments behemoth like Visa, it represents a significant step forward for a once-obscure NFT project.
This week has been the finest for OpenSea. The market is undoubtedly under pressure to maintain its upward trend.