July 24, 2021

Cointelegraph Consulting: Hype for NFTs is real, but what about transaction volume?

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Covalent’s latest findings in Cointelegraph Consulting’s biweekly newsletter indicate that the nonfungible token, or NFT, market has whales of its own.

The largest user on OpenSea makes up $192 million in reserve capital, while the other users in the top 20% by value transacted only account for $8 million. Similarly, Rarible has a whale with $311 million in their wallet, and the other top 20% of active users collectively have $9.2 million. 

OpenSea describes itself as the largest NFT marketplace. Indeed, the platform is the market leader with over $153 million in NFT transactions facilitated across 97,072 different transfers since the beginning of 2021. Its major competitor, Rarible, is a not-so-close second with $33,794,800 in NFT transactions across 37,630 transfers since the beginning of 2021. 

Cointelegraph Consulting’s biweekly roundup breaks down the trends in institutional demand for digital assets and capital allocation over the past two weeks. More than $750 million was raised across the top five financing rounds in two weeks, with Blockchain.com having Title: Cointelegraph Consulting: Hype for NFTs is real, but what about transaction volume?
Sourced From: cointelegraph.com/news/cointelegraph-consulting-hype-for-nfts-is-real-but-what-about-transaction-volume
Published Date: Mon, 29 Mar 2021 15:05:34 +0100