NFT Trends Skyrocketing, Non-Fungible Token Trading On OpenSea Reaches Rp1.1 Trillion

NFT asset trading skyrockets on OpenSea and Rarible (AsiaNews)

JAKARTA – One of the leading Non-Fungible Token (NFT) marketplaces, OpenSea has experienced an increase in the volume of NFT trading transactions on its platform. The transaction volume of NFT this time has broken the previous achievements.

Based on a DailyHodl report, OpenSea has processed around 78.8 million US dollars (equivalent to Rp. 1.1 trillion) in transaction volume as of August 8, 2021 yesterday. This achievement has broken the record that had been achieved a few days earlier, which almost penetrated 70.5 million US dollars, as reported by data from Dune Analytics.

One of the founders of OpenSea, Devin Finzer said that in 2020 OpenSea only processed 21 million dollars in total transaction volume in one year.

Currently the most popular NFT on OpenSea is CryptoPunks which has an all-time trading volume of 305,832.8 ETH or the equivalent of 952 million US dollars (approximately IDR 13.7 trillion). For information, CryptoPunks is one of the first generation of NFT projects on Ethereum.

NFT CryptoPunks is a collection of 10,000 24x24 8-bit style pixel art images of male and female characters inspired by the punk movement in London in the 1970s. Some CryptoPunks are said to have features that are very rare compared to others.

In addition, there is also Rarible which is the second NFT marketplace after OpenSea. Rarible has a trading volume of 89,469.83 ETH circulating in the market. This figure is worth more than 278 million US dollars or equivalent to Rp. 4 trillion.

The achievements of OpenSea and Rarible prove that NFT assets are increasingly popular and demand is increasing. NFT resembles a digital certificate with a unique code of ownership of certain assets consisting of videos, pictures, songs, paintings, names and so on. NFT transactions themselves use the cryptocurrency Ethereum (ETH).