OpenSea Sets New ATH For Monthly Trading Volume, Surpasses $3.5B in ETH

Simply two weeks into 2022, NFT market OpenSea has seen its month-to-month buying and selling quantity for Ether (ETH) surpass the Aug. 2021 ATH of $3.42 billion. In keeping with Dune Analytics data, {the marketplace} has now set a brand new all-time, after its buying and selling quantity for Ether crossed the $3.5 billion mark.

A Vivid Begin To The Yr For NFTs and OpenSea

To this point within the 12 months, there was an upsurge in NFT buying and selling volumes. However this won’t be unrelated to the worth improve within the in style Bored Ape Yacht Membership (BAYC) NFT assortment and its sister collections — the Bored Ape Kennel Membership (BAKC) and the Mutant Ape Yacht Membership (MAYC). The BAYC alone, as an illustration, traded about 14,306 ETH prior to now 24 hours. On the time of writing, that’s value about $47 million in commerce quantity for the most well-liked NFT assortment.

Additionally, per Dune Analytics information, OpenSea recorded its largest single-day quantity ($261 million {dollars}) on January 9, breaking $150 million in buying and selling quantity for every day to date in January.

Competitors Possibly?

In the meantime, OpenSea’s lengthy reign because the main NFT market may be underneath some type of a menace now. With many competitions rising from completely different angles, a notable participant could be LooksRare — a brand new NFT market launched earlier in January. Dune Analytics’ information means that LooksRare is already outpacing OpenSea by way of buying and selling volumes.

Now, that is regardless of OpenSea’s finest efforts to stay on the prime.

The agency had additionally introduced a $300 million Collection C funding spherical that was led by VC companies Paradigm and Coatue early within the 12 months. That funding introduced its valuation to $13.3 billion because it appears to make use of the funds to enlarge its workforce and enhance its product choices.

Absolutely, NFTs are displaying no indicators of slowing down in 2022 as its adoption continues to develop unbelievably, even into sudden areas globally.