The online nonfungible token (NFT) auction house OpenSea has surpassed $1 billion in monthly trading volume, according to data compiled by The Block.
According to the report, the firm’s trading volume increased 286% from July to August. It has carried the majority of NFT monthly trading volume since May 2021
In July, OpenSea raised $100 million in its Series B funding round led by Andreessen Horowitz, bringing the firm to a valuation of $1.5 billion.
The company has seen $1.23 billion in volume in August. The entire marketplace was at $1.27 billion for this month.
OpenSea saw $160 million in sales in June.
OpenSea is planning to expand its service to multiple blockchains in search of a long-term solution.
OpenSea plans to expand to the Flow FLOW/USD — created by the first NFT creators behind the world-famous digital collectible cats CryptoKitties — and Tezos XTZ/USD blockchains.
Also Read: Top NFT Marketplaces For 2021
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