With two weeks left of January, OpenSea’s non-fungible token (NFT) market saw its monthly Ethereum (ETH) trading volume exceed $ 3.5 billion for the first time.
According to Dune Analytics, OpenSea broke the highest record of $ 3.42 billion set in August 2021 and reached a new record high of over $ 3.5 billion in Ethereum trading volume.
OpenSea’s record volume on Sunday was $ 261 million, according to Dune Analytics. In January, OpenSea’s trading volume exceeded $ 169 million per day.
The increase in NFT trading volume appears to be driven by higher prices at Bored Ape Yacht Club (BAYC) and related groups, Moving Monkey Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). BAYC, which includes a large number of celebrity owners, remains the most popular NFT pool on OpenSea with 14,306 ETH (almost $ 47 million of current market value) traded over the past 24 hours.
Earlier this year, OpenSea announced a $ 300 million Series C financing round led by venture capital firms Paradigm and Coatue. The new cash raised the company’s value to $ 13.3 billion, with the intention of using it to improve the product and increase the number of employees.
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However, new players are quickly gaining ground in OpenSea, and a notable competitor is LooksRare, a new NFT marketplace launched earlier this month that already surpasses OpenSea in terms of trading volume, according to Dune Analytics. According to early reports, however, the platform appears to be flooded with money laundering to operate a token-based reward system.
In other news, Sultan Gustav Al-Ghazali, a 22-year-old computer science student from Semarang, Indonesia, became a millionaire by converting 1,000 selfies into NFTs and selling them on Opensea.