Booming NFT popularity has resulted in record-breaking trading volumes, as per the industrial reports. OpenSea, a peer-to-peer NFT marketplace, has been getting the most out of it after surpassing $2 billion in trading volume last week.
It was revealed that the weekly volume alone exceeded $1 billion and the monthly fees received were well over $150 million.
Compared with previous monthly figures, the marketplace earned $1.8 billion more in August than in July, reporting a gain of 546%.
According to a report published by crypto news site The Block, the monthly NFT trading volume stood at $2.3 billion at the time of publication, with OpenSea contributing $2.23 billion to the amount.
The number of searches for OpenSea on Google trends continues to rise higher since last week. The platform has some of the most in-demand NFT collectibles such as CryptoPunks, Art Blocks, and Bored Apes Yacht Club (BYAC) that have the highest trading volumes on OpenSea.
Recently, payments giant Visa bought one CryptoPunk for 49.5 Ether, totaling $150,000. Soon after the purchase, CryptoPunks NFTs saw a massive surge in volume with reports suggesting over $20 million in sales in a single hour.
August has seen over 1.3 million NFT sales so far and it is likely the figures would soon reach 1.5 million. If it did, the NFT sales for August would reach more than triple the sales of July.