As mass cryptocurrency adoption came into effect in the year 2020, other sub-branches of the cryptocurrency sector have also come into the limelight. Among all the sub-branches gaining tremendous adoption and prominence, it is the non-fungible token (NFT) sector that has gained remarkable growth.
Initially, the NFT sector had a slow start and as months passed by, its monthly sales continued growing. Among the rest of the months, it was the month of August 2021, in which the NFT sector has demonstrated a colossal performance.
In the last month, the sales for the NFT sector have exceeded $4 billion, which is the highest in the history of NFT sales. So far, the month of August has the lead when it comes to achieving the highest sales volume for the non-fungible tokens.
Throughout the month of August, the OpenSea marketplace has been one of the most prominent platforms for NFTs. The particular marketplace recorded tremendous and the highest volume of NFT sales in August, compared to all other months.
Unfortunately, after recording a significant rise in the sales volumes for NFTs, OpenSea’s performance has reverted in the month of September. According to analysts, after experiencing significant propulsion in NFT sales in August, the month of September seems to have brought OpenSea back to earth.
According to data from the NFT sector, it seems to have demonstrated a similar kind of trend to the rest of the cryptocurrency industry. Despite an overall downtrend from mid-May until the end of July, the month of August proved extremely bullish for the overall crypto-verse.
In the month of August, the entire cryptocurrency industry regained its $2 trillion-plus market valuation. Bitcoin (BTC), the largest cryptocurrency in the crypto-verse also managed to make it back into the $40k club. Towards the end of August, Bitcoin even crossed the $50k per BTC figure for a small amount of time.
Since then, Bitcoin has been revolving around $48k to $50k per BTC figure. However, it is expected that Bitcoin would eventually experience a rise in its price.
Coming back to the OpenSea marketplace, the platform is being closely monitored by the on-chain data analyzing firms. One of the major research firms “DappRadar” has shared its findings around OpenSea’s sales volume in the month of August and September respectively.
DappRadar has shared the sales figures it has collected from the OpenSea market in the last 7 days. According to figures, the platform has experienced a 50% loss in its sales, which is portraying a downwards sales trend for NFTs in September. The firm has revealed that so far, it has achieved sales worth $792.23 million in the month of September.
DappRadar has revealed that OpenSea has generated this figure from a total of 156,811 traders, which make up a pool for OpenSea’s marketplace. DappRadar has revealed that the traders recorded in the last seven days are 10% less than what was recorded in seven days prior to the last ones.