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OpenSea NFT trading volume surges as Bored Ape mania intensifies

Nonfungible token (NFT) buying and selling volumes on OpenSea have been surging in January amid a renewed speculative frenzy on Yuga Labs’ “Bored Ape Yacht Membership” (BAYC) and “Mutant Ape Yacht Membership” (MAYC).

In accordance with knowledge posted by Rchen8 on Dune Analytics, OpenSea has generated greater than $700 million value of buying and selling quantity because the begin of 2022, with Monday being the largest day of the yr with a whopping $255.8 million value of 24-hour quantity.

Whereas standard onlookers, resembling Wu Blockchain, have asserted that the quantity on Monday was a report excessive for OpenSea, earlier knowledge posted by Rchen8 on Dune Analytics reveals that Aug. 29 noticed the all-time excessive (ATH) of $322 million.

In December, OpenSea’s month-to-month quantity topped $3.24 billion and fell simply 5.3% in need of the platform’s ATH in August of $3.42 billion. With the NFT market already conducting greater than $700 million value of buying and selling quantity inside the first 4 days of January, the report highs might quickly be damaged if the momentum continues all through this month.

Bored Ape mania

An element that could be contributing to OpenSea’s surging volumes is the latest mania surrounding the BAYC and MAYC NFTs together with a basket of different initiatives from Yuga Labs.

Knowledge from CryptoSlam shows that the MAYC is presently the top-ranked NFT challenge by way of seven-day quantity on secondary markets at $93.2 million, with the BAYC NFTs following intently behind in second with $88.4 million.

Associated: Bored Ape Yacht Membership NFTs catch as much as CryptoPunks, flips flooring worth

Over the previous 30 days, the MAYC and BAYC initiatives have generated $189.7 million and $182.6 million, respectively, making them the third- and fourth-highest ranked NFT collections on the time of writing.

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When it comes to 24-hour quantity, the MAYC has garnered $18.7 million value of secondary quantity, whereas the BAYC has generated $14 million. In accordance with OpenSea, the present flooring worth for BAYC NFTs is a hefty 67 Ether (ETH) value roughly $250,000, whereas the MAYC NFTs are presently going for 15.87 ETH, or $59,300.

In January to date, a number of pop-culture icons, resembling rapper Eminem, musician Britney Spears and comic Dave Chappelle, have all been reportedly snapping up BAYC NFTs for six-figure sums this month.

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