OpenSea grows at a $1.5 billion valuation

People involved in the crypto industry seemed surprised after the sales of non-fungible tokens started to fall.

According to NonFungible.com, while $266 million worth of tokens traded in May, it dropped to $59 million in June. At the beginning of 2021, interest in NFTs grew. OpenSea, non-fungible token marketplace transaction volume reached a new high of almost US$326 million, a 119% increase from a historic high achieved in June.

Facts

These new numbers made OpenSea the most productive NFT marketplace.

OpenSea’s NFT transaction fees and transaction numbers also reached records in July. It showed 457,800 and US$21.79 million, breaking the past transaction number and fee records of 211,400 in June. Besides that, it also overpassed US$10.6 million in March.

In July, OpenSea increased US$100 million and scored a valuation of US$1.6 billion in its latest funding round. It made a firm a unicorn startup company.

The Crypto Art World

Throughout history, from the Greek statues and the Renaissance painters to conceptual art, art was only a part of the physical world. This idea of existence gives art its value. In the actual world, there can only be one unique sculpture or painting. People can buy a print of any artwork at the Louvre in Paris, but they’ll never own the actual masterpiece.

A few years ago, anyone could take any digital image and replicate it. This time, it was impossible to determine who owned the original image.

However, blockchain technology changed this situation. It enables us to encode a digital object with ownership data.

That means the art will move to the digital world, a place where people will spend more time.

The Rise Of Nft Mania

OpenSea, founded in 2017, is considered the world’s first and largest digital marketplace for non-fungible tokens and crypto collectables.