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January 18, 2022

OpenSea Hits $3.5 Billion Monthly Trading Volume

With only two weeks remaining in January 2022, OpenSea, the world’s largest non-fungible token (NFT) marketplace, has seen its monthly trade volume in Ether (ETH) surpass $3.5 billion for the first time ever.

According to Dune Analytics, OpenSea has already eclipsed the all-time high of $3.42 billion established in August 2021 to reach a new all-time high in Ether trading volume, surpassing the $3.5 billion mark.

According to Dune Analytics, OpenSea’s trading volume reached an all-time high of $261 million on Sunday, setting a new daily volume record. Also worth noting is that each day in January, OpenSea has exceeded $169 million in trade volume.

The price increase in Bored Ape Yacht Club (BAYC) and its sibling collections, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club, appears to be fueling the growth in NFT trading volume (BAKC). The most popular NFT collection on OpenSea is still BAYC, which has a huge number of celebrity owners. OpenSea completed a $300 million Series C financing round earlier this year, backed by venture capital companies Paradigm and Coatue, as previously reported.

The additional funds raised the company’s worth to $13.3 billion, with plans to use the funds to improve products and increase personnel numbers. This represents a 786 percent increase from a July 2021 valuation of 1.5 billion to $13.3 billion.

With a current market capitalization of $13.3 billion, OpenSea is worth more than AMC Entertainment, Santander Consumer USA Holdings, American Airlines Group, and GameStop combined. Despite the fact that OpenSea is the world’s largest NFT marketplace, new participants are fast gaining ground.

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LooksRare, a new marketplace that opened earlier this month, is one significant competitor. According to Dune Analytics’ data, this competition is already beating OpenSea in terms of trade volumes. However, there have been claims that the platform is flooded with wash trade in an attempt to manipulate the token-based rewards system.

The NFT market has been on a bull run and does not appear to be slowing down anytime soon, despite the fact that the cryptocurrency market started the new year with bears having the ultimate say. Sultan Gustaf Al Ghozali, a 22-year-old computer science student from Semarang, Indonesia, made a million dollars by converting 1,000 selfies into NFTs and selling them on OpenSea, as previously reported. People are debating whether or not the NFT market is in a bubble on social media as a result of this.