Opensea Monthly Trading Volume surpasses 3.5B USD, sets ATH
Bengaluru, January 18th, 2021: On Sunday, OpenSea monthly trading volume sets a single daily volume record of $261 million. OpenSea had generated $169 million in trade volume per day so far this month. OpenSea, a nonfungible token (NFT) marketplace, saw its monthly trade volume in Ether (ETH) top the $3.5 billion mark for the very first time, breaking all the past records, even with few days left in January.
As per statistics from Dune Analytics, OpenSea has already exceeded the all-time high of $3.42 billion established in August 2021 to reach the new all-time high record in Opensea Monthly Trading Volume, exceeding the $3.5 billion milestone.
Opensea Monthly Trading Volume
Here is the statistics by Dune Analytics shows the immense growth in Opensea Monthly Trading Volume from May 2021 to Dec 2021:
What Exactly is Opensea Platform?
OpenSea is the world’s first and largest marketplace for just a brand-new form of digital asset known as a non-fungible token (NFT). NFTs offer some intriguing new characteristics: they’re one-of-a-kind, provably rare, able to trade, as well as applicable to a wide range of applications. Users could do whatever they want with these, just like you are doing with tangible products! You may discard them in the trash, give them as just a present to a friend halfway around the world, or sell them on an open marketplace. They do, however, have all of the fully programmable digital items, unlike physical things.
Open protocols including Ethereum as well as compatible standards like ERC-721 as well as ERC-1155 would allow dynamic new economies. Users can trade freely various things on the Opensea platform, while creators can introduce new digital works, virtual arts and developers can create rich, interconnected markets for their virtual items.
The increase in price in Bored Ape Yacht Club (BAYC) as well as its sibling collections, Mutant Ape Yacht Club (MAYC) as well as Bored Ape Kennel Club (BAKC), seems to be fueling the growth in NFT trading volume. The much more famous NFT collection on OpenSea still seems to be BAYC, which has a high number of prominent owners, with 14,306 ETH (almost $47 million in current valuation in market) traded within the last 24 hours.
OpenSea reported a $300 million Series C round of funding earlier in the year which was backed by Paradigm as well as Coatue. The financial investment has increased the company’s valuation to $13.3 billion, with intentions to use that to enhance goods as well as hire more people.
Meanwhile, OpenSea’s period of dominance as the most popular NFT marketplace could be in jeopardy. With several competitors coming from all directions, LooksRare, a newer NFT marketplace that began in January, stands out. According to statistics from Dune Analytics, LooksRare has already been beating OpenSea in terms of trading volume.
NFTs are certainly not decelerating in 2022, as their use continues to increase at an incredible rate, even well into unforeseen places around the world.