It wasn’t too long ago — two-and-a-half weeks, to be precise — that Nate Chastain urged restraint. The NFT market had yet to reach an inflection point, the head of product at OpenSea told The Defiant’s Camila Russo in her weekly podcast. There was still plenty of room to run.
Well, it looks like we’ve hit that point. On Aug. 25, OpenSea recorded one million sales, more than double the 458,052 in July, which was itself twice as much as the level in June. The word exponential is rapidly becoming relevant at the NFT marketplace.
The growth has been a long time coming. OpenSea’s first registered user joined the platform in January 2018. Now volume is multiplying at a feverish clip. More than two thirds of its $3B in cumulative transaction volume has been recorded in August, according to OpenSea software engineer Rex Asabor.