Exploring The OpenSea

AUG 18, 2021 • 8 Min Read

Joo Kian + 3 others

Disclosure: Delphi Ventures has invested in Ember Sword and Axie Infinity. Members of our team also hold NFTs mentioned in this report, such as Crypto Punks and BAYC. These statements are intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

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NFT sales and trading volumes have surged to all-time highs in recent months. Surprisingly, not all NFT marketplaces are seeing the spoils. OpenSea has been the obvious winner, having established itself as the go-to marketplace for the long tail of NFTs on Ethereum. In October 2020, OpenSea represented only 33% of the NFT market’s monthly volume. Less than a year later, it’s pulled away to ~97% of all NFT volume on Ethereum. It’s important to note that the Axie Infinity marketplace has been excluded from this calculation, and the chart below, since it lives on the Ronin sidechain.

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Joo Kian + 3 others