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 1. Home
 2. Markets
 3. The Tell


THE TELL


NFT MARKETPLACE OPENSEA RECORDS $3.4 BILLION TRANSACTION VOLUME IN AUGUST, 10
TIMES THE MONTH BEFORE

Published: Sept. 3, 2021 at 6:20 p.m. ET
By

FRANCES YUE

  comments


SOTHEBY’S AUCTION OF BORED APE YACHT CLUB NFTS, STARTING THURSDAY, COULD COLLECT
OVER $13.5 MILLION

A WOMAN LOOKS AT AN NFT BY LARVA LABS TITLED "CRYPTOPUNK 7523" DURING A MEDIA
PREVIEW ON JUNE 4 AT SOTHEBY'S IN NEW YORK. THE AUCTION HOUSE SOLD CRYPTOPUNK
FOR $11.7 MILLION, MAKING IT THE SECOND MOST EXPENSIVE NFT TO DATE.

Timothy A. Clary/Agence France-Presse/Getty Images
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OpenSea, the largest marketplace for nonfungible tokens, or NFT, has recorded a
$3.4 billion transaction volume on Ethereum in August, more than 10 times the
number in July, according to Dune Analytics.  

The data shows unprecedented interests in nonfungible tokens, which refer to
digital assets that are stored on blockchains and not interchangeable. They
could be used to represent items that range from artworks to video files to
virtual real estate. 

As the increasing demand and media attention pushes up the prices of popular NFT
collections, buying frenzy of such digital assets also elevates prices of Ether
and Solana, as well as other smart contracts blockchains where NFT can be
created. 


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Ether ETHUSD, 0.22% is trading above $4,000 on a path back to its all-time high,
while Solana on Friday hit its all-time high.

“With most NFTs being minted on the Ethereum blockchain, the demand for Ether is
higher,” Petr Kozyakov, co-founder and CEO of the global payment network
Mercuryo, wrote to MarketWatch via email. 

The most popular NFT collection on OpenSea is CryptoPunks, which consists of
10,000 different characters. Earlier this week, Visa Inc. said it bought a
cryptopunk NFT for roughly $150,000. “We want to have a seat at the table as the
crypto economy evolves,” Cuy Sheffield, Visa V, -0.34%’s head of crypto, told
MarketWatch via email. 



For the past 30 days, CryptoPunks on OpenSea recorded transaction volumes of
202,321 ETH, or roughly $800 million based on ether’s recent price. 

Sotheby’s started an auction on Thursday of more than 200 nonfungible tokens of
Bored Ape Yacht Club, a monkey-themed collection, which could fetch $13.5
million to $20 million in total. The auction will last till Sept. 9. 

The floor price of the series, which refers to the lowest price for an item in
the collection, is 40.89 ETH on OpenSea, or more than $160,000 based on ether’s
current price. 

PleasrDAO, the art collective that bought NFT of the popular “Doge” meme for $4
million in June, started selling fractional ownership of it on Wednesday. The
“Doge NFT” coin, or “DOG” coin, gained 118% over the past 24 hours, according to
data provider CoinGecko. 


READ NEXT


READ NEXT


BARRON'S: BITCOIN IS FACING AN EXISTENTIAL CRISIS. JUST LOOK AT ITS INFLATION
REACTION.

Inflation spikes most since 1982 on demand for cars and furniture, White House
sends more tests to K-12 schools, IMF warns risk of ‘contagion’ as cryptos
follow stocks, and other news to start your day.


MORE ON MARKETWATCH

 * Barron's: Cathie Wood Is Expecting a ‘Bloodbath’ in This Segment of the
   Market
 * ‘There’s no way the stock market goes up this year — it probably goes down
   pretty aggressively,’ says hedge-fund honcho Kyle Bass
 * Five overlooked tech stocks poised to be the ‘household names of the future,’
   according to this money manager
 * Dogecoin flies after Elon Musk tweets some Tesla merchandise can be bought
   with the meme coin


ABOUT THE AUTHOR

Frances Yue


Frances Yue covers the cryptocurrency market as a Reporter for MarketWatch.




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