- OpenSea dominated gas consumption on Ethereum over the last few days.
- The NFT marketplace ranked first after generating over 600 ETH in fees.
- Also, OpenSea recently surpassed $1 billion in gross market volume.
Non-fungible tokens (NFTs) continue to dominate the Ethereum network. To be specific, OpenSea, an NFT marketplace based on the Ethereum network, recently ranked first for gas use on the network.
In fact, Open Sea accounted for 672.33 ETH in fees, of which 599.89 ETH was burned. The burn amount also accounted for about 15% of the total burn. To clarify, many blockchains conduct token burnings to help keep their currencies deflationary.
Of note, Ethereum pioneered programmable blockchain use and is also the most popular NFT network. However, the high usability and accessibility of the Ethereum network has led to several scaling problems including high gas fees.
As such, the NFT mania has helped fuel both congestion and fees on the top network. The high fees generated by OpenSea, as previously mentioned, also supports this idea.
Also, OpenSea recently surpassed $1 billion in gross market volume. The record makes OpenSea the largest NFT marketplace, presently. Additionally, based on data provided by Messari, the NFT marketplace has surpassed $1 billion in cumulative NFT volume in 2021 alone.
As such, OpenSea experienced a sharp surge in trading volume in 2021 compared to previous years. The rise in mainstream support also fueled the recent NFT boom. For instance, several popular culture franchises have launched their own NFT series.
Marvel, for example, recently launched its NFT series with a Spider-Man NFT. Marvel has partnered with VeVe to launch its crypto collectables. Specifically, the partners will release five types of Spider-Man NFTs with sales launched on August 7, 2021.
In addition, several analysts have predicted that NFTs will spearhead the crypto market recovery. Presently, the market has been surging over the last few days leading many to believe the bear trend is finally over.
