OpenSea Weekly NFT Sales Surpass $1 Billion for First Time

[RSRS]

Ethereum-based NFT marketplace OpenSea has hit an all-time high of $1.14 billion in weekly trading volume, up 170% from the previous week.

NFTs, or non-fungible tokens, are blockchain-based tokens that demonstrate ownership of digital items, such as images or video files, or physical assets.

OpenSea is a popular marketplace for trading NFT art collectibles such as CryptoPunks, Bored Ape Yacht Club, and Pudgy Penguins.

The marketplace has facilitated $2.49 billion worth of trades in August so far, already 666% more than the previous record of $326 million set last month.



The next most popular marketplace this month is SuperRare, which has recorded $23 million. Foundation comes third with $14 million.

Although some projects like NBA Top Shot are built on the Flow blockchain, the majority of NFTs are housed on Ethereum. On Ethereum, OpenSea dominates the market: 98.3% of all Ethereum-based NFT activity has taken place on OpenSea this month.

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