OpenSea NFT Market Hits Record $3.5B In Monthly ETH Volume

The OpenSea NFT market hits record $3.5 billion in monthly ETH volume, maintaining its leadership role as we are taking a closer look at today’s latest crypto news.

The OpenSea NFT market recorded a new high in monthly Ethereum trading volumes and soared past the $3.5 billion mark according to the data from Dune Analytics. With two more weeks to go before the end of the month, OpenSea trading volume now surpassed both the previous ATH of $3.42 billion from last year and the $3.24 billion in sales in December. The January trading volume topped $169 million each day so far with the largest single-day volume of the platform recorded at $261 million in January.

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NFTs are cryptographically unique digital tokens providing proof of ownership for a wider range of Tangible items which can be stored digitally and have a variety of use cases like collectibles, music, videos, art, and video games. The latest boom inactivity on OpenSea came amid the larger crypto market stagnating in the recent weeks with BTC being down 7.5% since the start of the year. Ethereum as the second biggest crypto by market cap is down by 14.6% over the past two weeks and it is trading at $3275 as the data from CoinGecko shows.

Bored Ape Yacht Club that had an impressive number of celebrity owners, remains the most popular NFT collection on OpenSea in terms of trading volume and 14,306 ETH traded in the past day. Earlier this month, OpenSea announced a $300 million Series C funding round led by companies Coatue and Paradigm. The latest financing brought the company’s valuation at $13.3 billion with the new capital being used for the new product development and expanding the team.

The competition in the sector is heating up with some new entrants on the platform. According to Dune Analtyics, one such rival is LooksRare a new NFT marketplace that is launched earlier this month and already surpassed OpenSea in terms of trading volumes. It remains to be seen how this competition will play out in the long-term as the early reprots indicated that LooksRare is brimming wash trading to manipulate the platform’s token-based rewards system.

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As recently reported, The non-fungible token marketplace platform OpenSea now boasts over 1 million active user wallets and continues to grow and impress during the new year with the adoption and trading metrics are also increasing and the NFT giant reached a new milestone in the number of active users on the platform the data from Dune analytics indicated that OpenSea crossed one million active user wallet on the platform.

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Author: Stefan