- 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.
Read CRYPTONEWSLAND on
google news
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.
Related News
disclaimer read moreCrypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
