NFT marketplace OpenSea saw more than $1 billion in monthly trading volume becoming the first NFT trading platform to reach this number, according to crypto news site The Block.
According to the data, the platform’s total trading volume rose 286% from July to August, carrying most of the monthly NFT trading on its platform since May. The total transaction volume of the entire marketplace in August was $1.27 billion, of which OpenSea constituted 96% of the figure.
The report by The Block, an affiliate of crypto media company CoinPost, revealed that OpenSea’s trading volume has already quadrupled from the previous month. It reported that the high trading volume coincided with all-time high search interest on Google.
Founded in 2017, OpenSea became the first NFT marketplace to become a unicorn company after raising $100 million in its funding round in July, taking its total valuation to $1.5 billion.