Each crypto fanatic is acquainted with the idea of non-fungible tokens (NFTs) by now. It’s solely pure, contemplating that the overall NFT gross sales within the first half of 2021 had been $2.47 billion. Thereafter, NFT’s parabolic run calmed down somewhat, earlier than it obtained even crazier. Now, a single NFT buying and selling platform has recorded half of 2021’s first 6 months’ gross sales quantity in simply 7 days. Sure, you learn that proper! OpenSea’s weekly buying and selling quantity reached $1.14 billion in August’21. Curious to know extra about what OpenSea is all about? Learn on! 

What’s OpenSea? 

OpenSea, based in 2017, is an Ethereum-based decentralized NFT market the place you should buy, promote, and commerce uncommon collectibles, digital artwork, and so on. The platform lists objects in virtually 200 classes that span music, domains, digital worlds, buying and selling playing cards, sports activities, and various utility-driven NFTs. The platform fees a mere 2.5% from each NFT sale, making it one of many least expensive NFT buying and selling platforms. Although Ether (ETH) is the default forex for funds on OpenSea, it helps and accepts over 200 currencies. 

OpenSea by no means takes custody of the NFTs on its platform. It capabilities via good contracts the place sellers itemizing an NFT on the market have to have it of their respective wallets.  Furthermore, sellers can listing objects on the market even when they’re listed elsewhere, offered they’ve the NFT in their very own pockets.  

Above all, creating and promoting NFTs on the platform may be very straightforward. You are able to do it in simply 4 easy steps:

  • Join your crypto pockets (Metamask) to OpenSea.
  • Click on on ‘My Assortment’ and arrange your profile with a short description, and choose your secondary gross sales charge.
  • Now you can add your NFT which might be a picture, video or audio, and add particulars for the client.
  • You are actually able to listing the merchandise on the market and might select from ‘auctions’, ‘fixed-price listings’ or ‘declining-price listings’. 

OpenSea NFT Gross sales Historical past

We started the article with the spectacular gross sales quantity that OpenSea is recording in the mean time. There’s a cause for that. A staggering 98.3% of all Ethereum-based NFTs are offered on OpenSea. Among the most well-known profile image (pfp) NFT initiatives, like CryptoPunks, Bored Ape Yacht Membership, and Meebits are listed on the platform. 

Nevertheless, OpenSea wasn’t all the time breaking data like it’s doing in 2021. In 2020, as an illustration, the platform made solely $21 million in whole transactions for the yr. The state of affairs modified drastically from August 2021 onward. On August 14th, it recorded $75 million in gross sales in a single day from over 80,000 transactions. Whereas solely a month in the past, on July fifteenth, the paltform recorded simply $12.6 million in gross sales. 

Information is displaying that the month-to-month gross sales quantity jumped by 950% from July to August. The truth is, simply in two consecutive weeks in August, gross sales jumped by 170%. OpenSea has already recorded $2.49 billion in whole gross sales in August this yr. This occurred after they broke their very own file of day by day gross sales quantity and traded $208 million in a single day.  

Many of the euphoria on OpenSea is fuelled by CryptoPunks whose buying and selling quantity has jumped 649%. Bored Ape Yacht Membership is conserving shut with a record-breaking $39 million in day by day gross sales.  

OpenSea’s Fundraising

Whereas OpenSea was recording such phenomenal gross sales figures, a small staff of simply 37 folks had been managing all operations. It was excessive time for the mission to lift extra funds to develop and handle this deluge of gross sales quantity. Because of this OpenSea raised $100 million in funding led by A16z.

For many who don’t know, A16z is the codename for Andreessen Horowitz. The opposite individuals who backed Horowitz embrace actor Ashton Kutcher, CAA co-founder Michael Ovitz, Kevin Hartz, and Kevin Durant, amongst others. Following these investments, the New York-based OpenSea is now valued at $1.5 billion. The mission’s plan is to make the most of this fund for general platform growth and expertise administration.  

Does OpenSea Have Its Personal Token? Am I Eligible For An Airdrop?

You have to be considering that an NFT platform value a billion {dollars} should have its personal token. Nevertheless, we remorse to let you know that OpenSea doesn’t have its personal token but. However don’t be disheartened instantly. There’s phrase available in the market that OpenSea would possibly launch its personal token, adopted by an airdrop. 

The hypothesis reached such a frenzy that somebody made a faux OpenSea coin and listed it on Uniswap. The OpenSea administration needed to resort to Twitter to warn that it’s faux. As anticipated, the Twitter thread was filled with feedback and requests to launch their very own coin. That is perhaps doable. Similar to Rarible and SuperRare, OpenSea would possibly launch its token and airdrop 10-15% tokens. 

You would possibly get free tokens in the event you already transacted on OpenSea. So don’t wait. Begin crusing on OpenSea now. And to maintain up with the newest replace, observe Airdrop Alerts. 

So if you wish to begin your NFT journy on Opensea, enroll with our referral hyperlink right here.

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