OpenSea is first NFT marketplace to pass $1 billion in monthly trading volume

NFTs • August 22, 2021, 9:22AM EDT

The non-fungible token (NFT) marketplace OpenSea has surpassed $1 billion in monthly trading volume, according to data compiled by The Block.

OpenSea’s trading volume increased 286% from July to August, and it has carried the majority of NFT monthly trading volume since May of this year. The firm has already seen $1.23 billion in volume this month, while the entire marketplace has seen $1.27 billion.

The platform’s record trading volume also coincides with all-time high search interest on Google, The Block previously reported. In other words, search interest for “OpenSea” is the highest it can be for the first time ever.

OpenSea, a New York-based firm founded in 2017, hit a $1.5 billion valuation at the end of July. It raised $100 million at its most recent Series B funding round and $23 million in Series A, with the venture firm Andreessen Horowitz led both of its prior funding rounds.

About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.