OpenSea Dominates the NFT Market, Floor Price Continues Its Uptrend as Alameda Apes In, Solana Joins Too
In the non-fungible tokens (NFT) world, the NFT marketplace OpenSea is showing no signs of slowing down, hitting a new all-time high every other day.
As daily volume on OpenSea hit nearly $323 mln high, the monthly volume record has skyrocketed past $3.3 billion, according to Dune Analytics. In July, the monthly volume was roughly $326 million.
OpenSea dominates the NFT market, accounting for over 95% of total volume.
Having sold more than 1.6 million NFTs this month, OpenSea generated $229 million in fees. Monthly active traders on the platform are currently above 200k, while total traders over time have gone past 300k.
Ever-Increasing NFT Floor Price
When it comes to the NFTs, blue-chip NFT CryptoPunks continue to climb higher, especially after the reports of Chinese billionaires buying punks. This induced FOMO and drove CryptoPunk’s floor price to 140 ETH, from 90 ETH in a matter of two days.
As for the Bored Ape Yacht Club, NBA Champion Stephen Curry bought a BAYC over the weekend, as we reported, and put it as his Twitter picture. BAYC also airdropped Mutant Ape Yacht Club, whose floor price outperformed BAYC and is up about 2x since its launch.
Art Blocks also had an explosive week, recording 80,000 ETH in volume thanks to the high-profile purchases of Curated Art Blocks such as Fidenzas, Ringers, and Squiggles.
FTX CEO Sam Bankman Fried’s Alameda also jumped on the Art Blocks, buying 326 ETH Fidenza, 220 ETH Ringer, 68 ETH Subscape, and other NFTs.
Alameda aping into Art Blocks as we speak
Bought an AB Curated Set for 555ETH – w/ a Fidenza, Elevated Deconstruction, Archetype, etc
Also bought a Ringer for 220ETH
And Subscape for 68ETH
— jiran.eth (@Jiran_z) August 30, 2021
Protocol Fractional, which splits the value of a single NFT across any accounts, recorded $450 million of liquidity in its first two months.
Solana Has Joined Too
The explosion of NFTs has sent the gas prices on Ethereum surging yet again, currently at 115 Gwei after falling into single-digit last month. As we reported, OpenSea has been the biggest gas guzzler on Ethereum for some time now, accounting for the burn of 22.8k ETH out of the total 146k ETH burned so far.
Eth Gas fee once soared to 2000Gwei, burning more than 25 ETH per minute in the past 1 hour. In the past 1 hour, the NFT project Fatales burned more than 1,000 ETH. pic.twitter.com/OPtOzsnUkB
— Wu Blockchain (@WuBlockchain) August 31, 2021
While Ethereum blockchain dominates the NFT space, the faster and cheaper competitor Solana has also joined in. Several projects have since been released, with SolBears NFT selling out in just two minutes.
For the past two weeks, people have also been minting Solarians, which is the first-ever NFT project to be released on the Solana blockchain. Recently, the project announced that SolariansNFT holders would get a share in transaction fees and royalties in their upcoming marketplace product.
NFTs have taken over the cryptocurrency market for the past few months, and it continues to blow up while crypto assets wait for their turn.