OpenSea Surpasses One Million Active User Wallets

Non-fungible token (NFT) marketplace platform OpenSea continues to impress during the new year, with adoption and trading metrics on the rise. The NFT giant has reached a new milestone in the number of active users on the platform.

• Data from Dune Analytics on Thursday, January 13, 2022, indicated that OpenSea has now crossed one million active user wallets on the platform.

Source: Dune Analytics

• The milestone is the latest indication of OpenSea’s continued growth in the early days of 2022 after enjoying massive expansion last year.
• Thursday’s news comes shortly on the heels of reports that the platform has seen over $2 billion in trading volume since the start of 2022 and could be in line for a new all-time high in terms of monthly trading activity.
• Earlier in January 2022, the co-founder of the company Devin Finzer announced that OpenSea raised $300 million in a Series C funding round.
• This put OpenSea’s market valuation at a staggering $13.3 billion, a considerable leap from its $1.5 billion valuation back in July 2021.
• OpenSea’s barnstorming start to 2022 is also in keeping with the level of NFT-related activity that has characterized the early days of the year, with popular collections like CryptoPunks and Bored Ape Yacht Club continuing to elicit massive interest.
• While the platform’s dominance remains unmatched, OpenSea could come in for some competition from upstarts like LooksRare. The latter recently launched its marketplace with an airdrop for users.