In May 2021 OpenSea closed out nearly $140 million in total volume. Fast forward a year and the most dominant NFT marketplace closed over $880 million in less than a week partially because of the Yuga Labs’ The Otherside mint. As a result of this mint, a fresh surge of liquidity was injected into the NFT ecosystem and as it stands the current NFT total market capitalization is over $19.4 billion.
NFT market capitalization and volume. Source: NFTgo
For the past two weeks most of the market had seen little action, but this changed after the Otherside mint closed over $317 million in just three hours.
These widely unique, randomly sorted parcels of land have amassed over 194,000 Ether ($536,137,000) and to the surprise of many, Yuga Labs has begun