NFT sales by OpenSea surpass $3.5 billion, setting a new record

OpenSea, an Ethereum (ETH) marketplace that deals exclusively in non-fungible tokens (NFT). Its trade volume surpass $3.5 billion with only two weeks left in January. An NFT, for those who do not know, is a digital asset using blockchain technology. To store ownership information of digital assets such as images, videos, or video games. The asset in question can be viewed by anyone, but only the buyer has the right to declare themselves to be the actual owner.

According to Dune Analytics, NFT trading volume has surpassed the record of $3.5 billion set in Ether trading volume set in August 2021, establishing a new all-time high for NFT. The trading volume on OpenSea hit a new high last Sunday of $261 million. During January alone, OpenSea set trading volumes of $169 million per day.

Opensea and BAYC

An analysis by CoinTelegraph indicates BAYC NFTs are the most widely used on OpenSea. Yuga Labs’ Bored Ape Yacht Club (BAYC) collection, a popular collection of 10,000 unique bored apes. That has generated more than $1 billion in sales while celebrities flock to the NFT bandwagon.

BAYC NFTs are available for as low as 52 Ethereum, or around $210,000. There are many celebrities that own business interests within BAYC NFT, including basketball legend Steph Curry and music artist Post Malone, as well as American TV host Jimmy Fallon. In recent times, rap artist Eminem has also taken part in the NFT craze with his first BAYC purchase for 123.45 Ether worth $452,000.

NFT’s security problems have been widely ridiculed, while there have been some notable thefts at the BAYC recently. Todd Kramer, a New York-based collector of BAYC NFTs, has had his collection of sixteen worth $2.28 million stolen. Narrating his ordeal, Kramer tweeted that he had been hacked after clicking on a link that appeared to be a genuine NFT de-app (decentralized application). This then turned out to be a phishing attack. “I’ve been hacked,” he wrote. “All my apes gone”.

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