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Exploring The OpenSea

Aug 18, 2021 · 8 min read

By Joo Kian, John Jimin Noh, Genevieve Yeoh, and Alex Gedevani

NFT sales and trading volumes have surged to all-time highs in recent months. Surprisingly, not all NFT marketplaces are seeing the spoils. OpenSea has been the obvious winner, having established itself as the go-to marketplace for the long tail of NFTs on Ethereum. In October 2020, OpenSea represented only 33% of the NFT market’s monthly volume. Less than a year later, it’s pulled away to ~97% of all NFT volume on Ethereum. It’s important to note that the Axie Infinity marketplace has been excluded from this calculation, and the chart below, since it lives on the Ronin sidechain.

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