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NFT marketplace OpenSea records $3.4 billion transaction volume in August, 10 times the month before

OpenSea, the biggest market for nonfungible tokens, or NFT, has recorded a $3.4 billion transaction quantity on Ethereum in August, greater than 10 occasions the quantity in July, in keeping with Dune Analytics.  

The info reveals unprecedented pursuits in nonfungible tokens, which discuss with digital property which might be saved on blockchains and never interchangeable. They could possibly be used to symbolize gadgets that vary from artworks to video information to digital actual property. 

Because the growing demand and media consideration pushes up the costs of well-liked NFT collections, shopping for frenzy of such digital property additionally elevates costs of Ether and Solana, in addition to different good contracts blockchains the place NFT could be created. 

Ether
ETHUSD,
+0.74%

is buying and selling above $4,000 on a path again to its all-time excessive, whereas Solana on Friday hit its all-time high.

“With most NFTs being minted on the Ethereum blockchain, the demand for Ether is greater,” Petr Kozyakov, co-founder and CEO of the worldwide cost community Mercuryo, wrote to MarketWatch through e mail. 

The preferred NFT assortment on OpenSea is CryptoPunks, which consists of 10,000 totally different characters. Earlier this week, Visa Inc. said it bought a cryptopunk NFT for roughly $150,000. “We need to have a seat on the desk because the crypto financial system evolves,” Cuy Sheffield, Visa
V,
+0.41%
’s
head of crypto, informed MarketWatch through e mail. 

For the previous 30 days, CryptoPunks on OpenSea recorded transaction volumes of 202,321 ETH, or roughly $800 million based mostly on ether’s latest value. 

Sotheby’s started an auction on Thursday of greater than 200 nonfungible tokens of Bored Ape Yacht Membership, a monkey-themed assortment, which may fetch $13.5 million to $20 million in complete. The public sale will final until Sept. 9. 

The ground value of the collection, which refers back to the lowest value for an merchandise within the assortment, is 40.89 ETH on OpenSea, or greater than $160,000 based mostly on ether’s present value. 

PleasrDAO, the artwork collective that purchased NFT of the favored “Doge” meme for $4 million in June, began promoting fractional possession of it on Wednesday. The “Doge NFT” coin, or “DOG” coin, gained 118% over the previous 24 hours, in keeping with knowledge supplier CoinGecko. 

https://www.marketwatch.com/story/nft-marketplace-opensea-records-3-4-billion-transaction-volume-in-august-10-times-the-month-before-11630707640?rss=1&siteid=rss | NFT market OpenSea information $3.4 billion transaction quantity in August, 10 occasions the month earlier than

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