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OpenSea surpasses $3.5B in monthly Ether trading volume setting new ATH

With two extra weeks left in January, nonfungible token (NFT) market OpenSea has seen its month-to-month commerce quantity in Ether (ETH) exceed $3.5 billion for the primary time ever.

According to information from Dune Analytics, OpenSea has now surpassed the all-time excessive of $3.42 billion set in August 2021 to determine a brand new all-time excessive, surpassing the $3.5 billion mark in Ether buying and selling quantity.

OpenSea’s record-high quantity on Sunday, as per Dune Analytics, was $261 million. To date in January, OpenSea has damaged $169 million in buying and selling quantity for every day.

The surge in NFT commerce quantity seems to be fueled by the worth improve in Bored Ape Yacht Membership (BAYC) and its sibling collections, Mutant Ape Yacht Membership (MAYC) and Bored Ape Kennel Membership (BAKC). BAYC, which has a lot of celeb homeowners, remains to be the most well-liked NFT assortment on OpenSea, with 14,306 ETH (practically $47 million in present market worth) traded during the last 24 hours.

OpenSea introduced a $300 million Collection C financing spherical early this yr, led by enterprise capital corporations Paradigm and Coatue. The contemporary money introduced the agency’s valuation to $13.3 billion, with the intention of utilizing it for product enchancment and boosting worker numbers.

Associated: NFT gross sales and blockchain video games proceed to develop regardless of the current market droop: Report

New gamers are quickly gaining floor on OpenSea, nevertheless, and one notable competitor is LooksRare — a brand new NFT market launched earlier this month that’s already outpacing OpenSea by way of buying and selling volumes, as per Dune Analytics’ information. Nevertheless, in line with early experiences, the platform appears to be overflowing with wash buying and selling to rig the token-based rewards system.

Don\'t Miss THIS ONE !  Nftnews Today OpenSea implements 0% fees: Nifty Newsletter, Feb 15–21

In different information, Sultan Gustaf Al Ghozali, a 22-year-old pc science pupil from Semarang, Indonesia, turned a millionaire by turning 1,000 selfies into NFTs and promoting them on Opensea.

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