Per knowledge from Token Terminal, OpenSea generated virtually as a lot income from transaction charges because the Ethereum blockchain in the course of the interval. Even extra spectacular is the truth that OpenSea achieved the feat with no token or token incentive, the crypto market knowledge aggregator famous.
The whole income OpenSea made out of each royalties paid to creators and transaction charges going to the protocol amounted to $74.37 million. This was solely about $13.03 million lower than Ethereum’s $87.39 million payment income within the final week the info confirmed.
OpenSea is nearly on par with Ethereum in payment income prior to now week. And this with no token/token incentives,” TT mentioned.
Similarly, the NFT market had a formidable run this month. According to knowledge from the Dune Analytics dashboard created by @rchen8, whole NFT gross sales on OpenSea in April amounted to $3.4 billion, producing roughly $282 million in charges. Notably, {the marketplace} is without doubt one of the largest gasoline consumption entities on the Ethereum market.
What has been driving down Ethereum’s transaction charges?
Ethereum’s transaction charges have been lowering for some time. Back in February, Arcane analysis famous that Ethereum transaction charges have been at their lowest in six months. The drop in charges may very well be on account of diminished transaction demand, the report famous. But the extra probably purpose Arcane famous was that Layer 2 platforms have been getting extra adoption and shifting a lot of the transaction load from the primary chain.
Despite this, Ethereum continues to dominate different blockchains in market share of NFT gross sales quantity and DeFi whole worth.
