Odds and sods of NFT market place opensea & then dominating in a short period

Back in 2021, NFT’s made a hallmark in the market with the highest sales in numbers of us dollars. The digital token showed tremendous volume and potential to outperform other markets and still has the potential to be a hit in the coming days. Many experts say it’s still growing and not yet at the top of its gear. Still has a lot of thrust in it, and day by day, it will grow younger as a giant in the coming days.

Opensea is a marketplace to securely buy and sell digital tokens. NFT’s are bought and sold on opensea with confidence, and the transactions are rapidly growing because of new projects launched. A lot of communities are very interested in buying the limited numbers of nft’s in each project. If we see the statistics of opensea, it started back in 2017 with limited resources and literally, it had no users or any project to be launched. Basically, it was a dead-end initially as less then dozen projects were there at one time in 2017. Not a lot of people knew about this marketplace, and OpenSea is an online marketplace for non-fungible tokens.

There were times when average 25 users were seen in the midst of one week. In 2018,opensea had to raise venture capital to acquire a certain amount to run through the tough times. The valuation at the time of mid-2018 was just over 10 million due to potential venture capital help. The future was uncertain about the marketplace but held the ground, and investors gave about 6 months to grow at a certain level. Slowly it made a recovery and fought for more time being.

Between 2018-19, the market was barely getting to its feet with an average of 100 users and a volume of $5k weekly. It wasn’t enough to scale the profit and loss at that time, but eventually, it got in the limelight by starting of 2019. It was a punch on the face with a daily growing users average of 674 and volume going above $50k a week. The miracle happened because of initial projects like Curio.Cards,Mooncats,crypto punks,bored apes etc.The projects launched in 2017 became limelight, and the prices were going off the roof.

Opensea has a policy of 2.5% commission, and as the projects were launched and initiatives were taken,2.5% of the nft was high commission every time it gets bought or sold. Half of 2019 was very successful for the opensea, and a lot of investors were interested in getting a piece of it. Opensea raised a fund in access of 2.1 million, which was a huge boost for the marketplace to explore and get in the right direction. Opensea became an important link for creating and transacting exclusively for NFT, as there was no competition in the early days. Even there were any; it would take some time to follow the market leader.

In its role as a marketplace for NFTs, OpenSea has a unique perspective. As the nft’s were selling like hot potatoes, the crystal clear transaction with no chance of hacking,openasea is the market leader.Dominance was achieved by constantly remodeling the marketplace and making it user-friendly. Now users can browse new work from their favorite artists, view the ranking results, view the OpenSea blog, and access our help center on the go.

The year 2020-and 2021 was phenomenal in terms of volume and scalability. Alone in 2020, projects were flowing in at a very good pace with the interest of the market. It got popular when opensea had a volume of 500 users on average and a volume of $100k at the end of 2020. That alone showed the potential and capability of the marketplace. As per the sources, the boost came in early March 2021, where the users and volume grew 10 fold with a volume of 1.2 million in transactions. The world was fighting the pandemic, and the only business booming was the NFT market. The users quickly grew in July with an approx 4.5k with a volume of $10.2 million. Daily volume and growing business attracted a lot of investors and users, which was a win-win situation for opensea.

We are just in January 2022, and the volume grew at roughly $300m a month, which shows no sign of getting lower day by day. At the same time, initial projects which were launched in 2017 were achieving the milestone of 1bn in sales. NFT market has come a long way roughly in 5 years and has achieved what other businesses could not achieve in a lifetime.OpenSea’s increased trading volume in January also confirms its position as the dominant marketplace for trading NFTs.By far, ETH currency was traded highest as a means of transaction.

Constant development and solving bugs were on priority after absorbing high traffic, which was one of the key aspects of nonstop services to the users. Yes, you’ve heard that right, Opensea has never been down, and security has layered up for users. The mobile app also plays a pivotal role in becoming nectar to the open sea. Flawless and user-friendly is the motto of the market place and opensea has nailed it. The backend team has covered all areas for better services, and that’s the main reason it is number one. Some of the users’ comments were also hailed in a positive manner, which mirrors the reputation of getting going.