OpenSea Now Boasts Over 1 Million Active User Wallets On The Platform

Opensea now boasts over 1 million active user wallets on the platform as we can see further in our latest cryptocurrency news.

The non-fungible token marketplace platform OpenSea now boasts over 1 million active user wallets and continues to grow and impress during the new year with the adoption and trading metrics are also increasing and the NFT giant reached a new milestone in the number of active users on the platform the data from Dune analytics indicated that OpenSea crossed one million active user wallet on the platform. The milestone is the biggest indication of the OpenSea continued growth during the early days of 2022 after a huge expansion last year.

The news came on the heels of reports that the platform saw over $2 billion in the trading volume since the start of 2022 and could be in line for a new ATH in terms of monthly trading activity. The co-founder of the company Devin Finzer announced that OpenSea raised more than $300 million in a Series C funding round. This put OpenSea’s market valuation at $13.3 billion which is a huge step ahead of the $1.5 billion valuations in 2021.

OpenSea’s strong start to 2022 in keeping with the level of the NFT-related activity that characterized during the early days of the year with the popular collections like Bored Ape Yacht Club elicit huge interest. While the platform’s dominance is unmatched, OpenSea came in for some competition from LooksRare with the latter launching its marketplace with an airdrop for the users.

As recently reported, The NFT marketplace giant OpenSea is recording some strong numbers after a few days into 2022 with the trading volume reaching a stunning $2 billion. The data from Dune Analytics showed that the leading marketplace’s average daily trading volume in 2022 is over $260 million while the monthly volume recorded already surpassed $2 billion but this figure is yet to cross the all-time high of over $3.5 billion reached back in 2021.

dune analytics
Source Dune Analytics

OpenSea recorded more than $2 billion in trading volume at the start of 2022 but there’s also a possibility that January’s monthly volume could set a new high as well. The latest development came in shortly after OpenSea raised $300 million in Series C funding led by Coatue and Paradigm. The injection of capital brought OpenSea’s valuation to more than $13 billion which is an astronomical rise from the $1.5 billion that was recorded in 2021. As per the platform, the $300 million will be used to achieve targeted objectives like NFT ecosystem investment and robust product development.

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