NFTs

The NFT Renaissance



If you are already tired of hearing/reading about NFTs, well…uhh, too bad, get used to it.  NFTs admittedly slumped in April and May, but they are back to rabid-dog-frothing-at-the-mouth levels in August. 

Check out these two major developments that illustrate the boom:

1.  OpenSea is swimming in an ocean of NFTs.

NFT unicorn marketplace OpenSea is really enjoying the NFT renaissance. 

  • The total sales volume of NFTs in August was around $3 billion per Dune Analytics.
  • OpenSea trade volumes in August were around $2.84 billion per DappRadar.

Or put another way, the 37-person firm handled 98% of the entire NFT market’s trade volumes in August, as reported by CoinTelegraph.

The situation has pushed OpenSea to go on an absolutely desperate hiring spree to get enough people to handle the surge.

Nate Chastain, OpenSea’s head of product, tweeted a plea for help on Sunday, “We need to ramp up hiring at OpenSea. We are 37 people handling 98% of all NFT volume.  Referral bonus: Will pay 1 ETH to anyone who connects us to engineers or designers that we hire. Resumes to opensearoles@gmail.com. Candidates: Use https://t.co/adazqldv91directly.”  That’s a high-class problem.

OpenSea became the first NFT unicorn after it raised $100M from Andreessen Horowitz in July.      

2.  Rise of the Cryptopunks

Cryptopunks, one of the ‘oldest’ NFT collections on Ethereum (it was launched in 2017), surpassed over $1 billion in lifetime sales on Saturday.  All-time sales were over $1.095 billion per dappradar.com.  This puts the punks in an exclusive billion dollar NFT club along with Axie Infinity which has over $1.6B in total sales, and…OpenSea with over $3.5B.


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