Cointelegraph Consulting: Is OpenSea an undervalued NFT marketplace?

Cointelegraph Consulting: Is OpenSea an undervalued NFT marketplace?

Without a doubt, 2021 has been a momentous year for nonfungible tokens (NFT). The nascent market has seen unprecedented growth as sales volume from January to date nears $10 billion — a 14,500% surge from 2020. The NFT marketplace OpenSea is responsible for processing a great chunk of that. 

OpenSea controls a majority of NFT sales and has processed more than $10 billion worth of transactions since launching in December 2017. Its 2021 volume alone even topped the revenue earned by Etsy and is comparable to the revenue generated by eBay. But despite this, it appears as though OpenSea and the entire NFT space are just getting started.

In the past 30 days, OpenSea processed more than $1.6 billion in transactions, leading all other marketplaces by a

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