In August, digital marketplace OpenSea recorded over $3.4 billion in transactions across 1.67 million non-fungible tokens (NFTs). In July, its sales reached $325 million, following less than $150 million in June. The exponential growth corresponds to a shift in NFT content being auctioned, which may impact the development of digital strategies by brands and sports entities.
Until a few weeks ago, most digital assets being traded on OpenSea related to sports, digital art, and in-game assets. Some of the in-game NFTs and digital art content was produced in partnership with brands.
Now, the makeup of transactions is mostly composed of avatar-like NFTs hoping to emulate CryptoPunks, so-called ‘generative art’ created by algorithms, and Loot.
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