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

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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 ascertain a brand new all-time excessive, surpassing the $3.5 billion mark in Ether buying and selling quantity.

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OpenSea’s record-high quantity on Sunday, as per Dune Analytics, was $261 million. So far 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 enhance in Bored Ape Yacht Club (BAYC) and its sibling collections, Mutant Ape Yacht Membership (MAYC) and Bored Ape Kennel Membership (BAKC). BAYC, which has a large number of celebrity owners, continues to be the preferred NFT assortment on OpenSea, with 14,306 ETH (practically $47 million in present market worth) traded over the past 24 hours.

OpenSea introduced a $300 million Series C financing round early this 12 months, 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 sales and blockchain games continue to grow despite the recent market slump: Report

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

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