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For the first time ever, Opensea’s NFT sales volume has crossed $20 billion

Opensea, a marketplace for non-fungible tokens (NFTs), has surpassed $20 billion in total sales, according to data. Since its launch in 2017, the leading NFT market has attracted more than 1.2 million users.

A total of 1.2 million open-sea traders generate sales of $20 billion each year

According to dappradar.com, Opensea, the NFT marketplace, has a lifetime sales volume of over $20 billion. Five years ago, Devin Finzer and Alex Atallah founded the NFT market.

Opensea lets users sell non-fungible tokens (NFTs) at a set price, or they can use the auction mechanism. Opensea has recently introduced support for the layer-two (L2) Polygon blockchain network, which was previously only available on Ethereum.

Transaction count and USD volume have risen in the last 30 days, according to Dune Analytics statistics. Dappradar.com analytics show that 30-day sales have climbed by 35.17 percent at the time of this writing.

Looksrare, a newcomer to the NFT sector, has been a challenger to Opensea. Although Looksrare has an all-time volume of $14.68 billion, data suggests that the NFT market is contested.

According to reports, Looksrare’s sales figures have been recalculated on analytics web portals due to “washtrading.”

Like Rarible, Magic Eden, Atomic Market, Superrare.co and so on; Opensea has a lot of competitors. Magic Eden, the NFT market with the most transactions, has only processed $582.31 million in total sales.

In contrast, Axie Infinity has processed $4.08 billion in total transactions, placing the project third in terms of NFT sales behind Opensea and Looksrare.

Opensea acquired Dharma Labs in January and funded $300 million, boosting the company’s worth to $13.3 billion prior to reaching its all-time sales record of $20 billion.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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