OpenSea crossed One Million Active User Wallets
On Thursday Data from Dune Analytics Dune.XYZ shows that a number of active users wallets on market-leading Non-fungible token (NFT) marketplace platform OpenSea has crossed one million active users.
As per the data 1,010,040 users have made at least one transaction, which is usually buying or selling a non-fungible token (NFT), on January 13. Whereas on the same day last year 2021, the number of active making transaction users on the OpenSea platform was 37,400.
The achievement is the latest indication of OpenSea’s gradual progress in the early days of 2022 following a year of massive expansion last year.
As per the data from Dune, the OpenSea platform has witnessed over $2 billion in trading volume since the start of 2022 and $3.42bn in volume traded during last August, due to the sudden emergence of the NFT space. This growth doesn’t show signs of slowing as further diversified investments are found from crypto-natives like NFTs. It is now set to track a new monthly trading volume high.
In the early days of the year, NFT-related activity like gaining popularity of collections like CryptoPunks and Bored Ape Yacht Club has marked the year. OpenSea’s barnstorming starts in 2022.
Along with its massive growth performance, the platform poses a threat from upstart competitor marketplace LooksRare which recently established its marketplace flourishing Web3 environment and offered users an airdrop, appealing participation rewards and incentives for using the platform. OpenSea marketplace is also criticized due to its operations. From the NFT community, many highlighted its lack of new features, customer support, and reliable infrastructure. Coinbase, FTX, Binance, and the Gemini-owned Nifty Gateway crypto exchanges which emergence of NFTmarketplaces also continue to pose a challenge to OpenSea’s market dominance in 2022.
To address these drawbacks, Devin Finzer, the company’s co-founder, stated that earlier in January 2022 the platform raised $300 million in a Series C fundraising round which has increased OpenSea’s market capitalization to $13.3 billion. This is a significant increase from $1.5 billion in July 2021.
CBW - External Analyst