Cointelegraph Consulting: Hype for NFTs is real, but what about transaction volume?

The top two NFT marketplaces, OpenSea and Rarible, differ considerably in daily transaction volume.
Covalent’s latest findings in Cointelegraph Consulting’s biweekly newsletter indicate that the non-fungible token market has whales of its own.The largest user on the OpenSea makes up $192 million in reserve capital while the other users in the top 20% by value transacted only account for $8 million. Similarly, Rarible has a whale with $311 million in its wallet, and other top 20% active users collectively have $9.2 million. OpenSea describes itself as the largest NFT marketplace. Indeed, the firm is the market leader with over $153 million in NFT transactions facilitated across 97,072 different transfers since the beginning of 2021. The major competitor, Rarible, is a not-so-close second with $33,794,800 in NFT transactions across 37,630 transactions since the beginning of 2021. Cointelegraph Consulting’s bi-weekly roundup breaks down the trends in institutional demand for digital assets and capital allocation over the past two weeks. More than $750 million was raised across the top five financing rounds in two weeks, with having the third-largest capital raise in the blockchain industry. Notably, NFT marketplace OpenSea closed a $23 million funding round led by a16z amid the NFT mania. We also congratulate our partner Covalent on closing a strategic funding round led by the industry heavyweights Hashed VC, Binance Labs, Coinbase Ventures and Delphi Digital. As for the other hot trends, the race for registering a Bitcoin (BTC) exchange-traded fund is in full swing with three more companies filing rule change applications with the United States Securities …
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