In recent months, the NFT market has witnessed significant growth in the number of investors getting on board, allowing artists and art enthusiasts to gain access to the global digital art market.
Although non-fungible tokens are a relatively new asset class in the crypto space, they have continued to outlive the hype as millions of dollars are being poured into the market daily.
OpenSea’s Trading Volume Hits Record High
Over the last 48 hours, trade volume on OpenSea, the world’s first and largest NFT marketplace, hit a record high of nearly $100 million, which is more than four times its annual trade volume in 2020.
According to a tweet from OpenSea’s CEO and co-founder, Devin Finzer, the platform recorded a whopping $95 million in total transaction volume within the past two days. He further noted that the amount has far eclipsed the total transaction volume of about $21 million the NFT marketplace saw throughout last year.
Finzer also pointed out that this massive spike proves that the NFT market, despite being in its early stages, still has a lot of room to grow into, perhaps, the biggest sensation in the crypto industry.
OpenSea Raises $100M
Just a few weeks ago, OpenSea received $100 million funding from top investors in a Series B round led by venture capital firm Andreessen Horowitz. The project revealed that it plans to use the funding to make NFTs accessible to more mainstream users by expanding into international markets and also supporting multiple blockchains on its platform.
The $100 million funding brought OpenSea’s market valuation to $1.5 billion. With the CEO describing NFTs as the “new internet,” OpenSea continues to scale its platform to accommodate more users.
NFTs Continue to Grow Big
NFT remains among the hottest topics in the crypto industry. The hype rounding the digital art market has gripped the world’s attention, surpassing the ICO’s peak of 2018 in the U.S.
Although the NFT started gaining popularity in 2020 and reached a market capitalization of $250 million, the first quarter of 2021 saw the sales of such collectibles surpass $2 billion.
NFTs provide a new way of interacting with music, culture, and even sports. Artists, celebrities, and sports teams are all rushing to join the NFT bandwagon by launching their own digital arts or supporting related projects. A few days ago, the American professional basketball team, New York Knicks, announced that it had launched five limited-edition 3D NFT Knicks tickets.