NFT Marketplace Reaches $78,000,000 in Daily Volume, Shattering All-Time High

The non-fungible token (NFT) marketplace OpenSea is shattering its previous transaction volume records as NFTs continue to take off.

OpenSea processed about $78.8 million in transaction volume on August 8th, smashing the previous record set only two days prior of nearly $70.5 million, according to blockchain research tool Dune Analytics.

By comparison, OpenSea processed only $21 million in total transaction volume in all of 2020, says Devin Finzer, the company’s co-founder and chief executive.

CryptoPunks, one of the first NFT projects on Ethereum (ETH), is the most popular NFT on OpenSea with an all-time trading volume of 305,832.8 ETH, worth over $952 million at time of writing.

CryptoPunks is a collection of 10,000 24×24 8-bit-style pixel art images of male and female characters inspired by the London punk movement of the 1970s. Each CryptoPunk is unique, but some have rarer features than others.

Rarible is OpenSea’s second-most popular NFT with a total of 89,465.83 ETH traded on the marketplace, worth more than $278 million.

OpenSea is also leading the way in terms of burnt ETH. As part of the London hard fork, which launched on August 5th, Ethereum has introduced a fee-burning mechanism that permanently burns a certain amount of ETH every time a transaction is sent.

According to the Ethereum surveilling tool Ultrasound.money, OpenSea is at the top of the burn leaderboard as transactions coming from the NFT marketplace have torched 2,405.97 ETH at time of writing, worth more than $7.50 million.

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Featured Image: Shutterstock/ilikeyellow