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With a cumulative volume of $10 billion, OpenSea extends NFT's dominance.

3 min reading

Although OpenSea's enormous lead in cumulative settlement volume, Axie Infinity, a popular NFT game, is first in terms of user base and total number of trades.

OpenSea has become the first nonfungible token (NFT) marketplace to conduct trades 11-figures worth of NFT trades.

Since its launch in December 2017, the leading marketplace has hosted more than $10.3 billion in transactions, according to NFT data aggregator Dapp Radar.

This year, the platform has developed at an exponential rate, processing $2.5 billion in trades in the first half of 2021.

OpenSea has processed $400 million in volume since the beginning of November, and $1.85 billion in the last 30 days.

Axie Infinity, a popular NFT game, is the second-hottest NFT platform by lifetime volume, having processed $3 billion in NFT transactions since March 2018.

Although OpenSea's dominance in terms of settlement value, Axie has more than one million users compared to OpenSea's 637,000. While half of Axie users were active in the previous month, over two-thirds of OpenSea users were active while the same time.

With 13 million trades compared to 11.4 million, Axie has a little lead over OpenSea in terms of overall number of trades.

Since June 2017, Larva Labs' marketplace for their pioneering Cryptopunks NFT series has facilitated $1.59 billion in transactions from just 5,236 users, as per Dapp Radar.

NBA Top Shot, a Flow-based basketball collectibles platform, is in fourth rank with $726.5 million from nearly half a million users traders since June 2020, followed by Solanart, a Solana-based company, with $519.2 million from 134,544 users traders since July of this year.

The Ethereum blockchain, which accounted for 97 percent of NFT volume, is mainly used on the OpenSea marketplace. The Ethereum network saw $2.2 billion in secondary sales last month.

While OpenSea's dominance in the NFT sector, an increasing number of NFT investors are turning their attention to competing blockchains with lower transaction fees than Ethereum.

Flow was utilised by 33% of NFT traders to trade nonfungibles in the beginning of October, while the WAX network was used by 25%.

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