Non-fungible token (NFT) marketplace OpenSea topped the leaderboard in gas consumption on Ethereum over the past 24 hours in a rare flippening of decentralized finance (DeFi) stalwart Uniswap.
Since 2020’s “DeFi Summer,” Uniswap – Ethereum’s largest decentralized exchange – has typically commanded the most in daily transaction fees, a key barometer for actual usage of the world’s second-largest blockchain.
However, the resurgence of NFTs from early-2021 highs has helped put OpenSea in the top spot with over $1.9 million in gas spent on transaction fees in the past day. By comparison, a combined $1.57 million in transaction fees has been spent on Uniswap V2 and V3.
There have been a slew of NFT projects launched in recent weeks, like Space Poggers, Pudgy Penguins and Sad Frogs District. The projects host different types of auctions that allow users to mint a random NFT for a given amount of ether, the native currency of the Ethereum blockchain.
OpenSea is a secondary marketplace for these non-fungible tokens to be bid on and traded. Last month, the marketplace raised $100 million in a funding round led by Andreessen Horowitz.
Data site Glassnode projects that OpenSea could do $1 billion in volume during the month of August with a run rate of 300,000 unique users.
Source: Coindesk
