How OpenSea dominated the $17 billion NFT market
The art world has been taken over by NFTs. And a company named OpenSea is at the heart of the $17 billion NFT market.
OpenSea is the Amazon of non-fungible tokens, or NFTs. It’s an online marketplace where anyone can simply make, sell, and purchase non-ferrous metals. According to Dune Analytics, it’s one of the largest NFT trading platforms, with over 1.5 million active users.
OpenSea had its busiest month yet in January. It exceeded its previous peak of approximately $5 billion in monthly trading volume in August of 2021.
Along with its rapid expansion, though, the network has come under fire from users who have complained about scams and plagiarism. According to Chainalysis data, crypto-related crime increased by roughly 79 percent year over year in 2021.
“We’ve been looking at market manipulation, wash trading, and plagiarism, as well as your standard phishing scam, which has started showing up in the NFT area,” Kim Grauer, director of research at Chainalysis, told CNBC. “So, in the overall market activity, we do see that kind of correlation with scamming.”
“We prioritize the trust and safety of all users on OpenSea, and are working hard to make sure that creators, buyers, and sellers alike feel supported by our policies, tools, and service,” an OpenSea representative stated.
We are the biggest NFT marketing agency with the reach over 30 million people.
This article is just for educational purposes.
Make your own exploration before making any form of investment, as always.
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