On Sunday, OpenSea had a record-high daily volume of $261 million. This month, OpenSea has averaged a daily trading volume of $169 million.
During the last two weeks of January, non-fungible token (NFT) marketplace OpenSea saw its monthly trade volume exceeding $3.5 billion in Ether ( ETH ).
OpenSea surpasses $3 billion
OpenSea has now surpassed the previous all-time high of $3.42 billion set in August 2021 to reach a new all-time high, surpassing the mark of $3.5 billion in Ether trading volume, according to Dune Analytics.
According to Dune Analytics, OpenSea had a record-high volume of $261 million on Sunday. So far, OpenSea is averaging $169 million in trading volume per day for the month of January.
The surge in NFT trade volume
It seems that the surging NFT trade volume is primarily caused by the price increase of Bored Ape Yacht Club (BAYC) and its siblings Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). The BayC collection, which has a high concentration of celebrity owners, remains the most popular NFT collection on OpenSea, with 14,306 ETH (nearly $47 million in market value) traded within the last 24 hours.
An early round of financing led by Paradigm and Coatue raised $300 million for OpenSea this year. As a result of the new cash, the firm is now valuing at $13.3 billion. It is planning to use funds for product development and employee expansion.
Growing OpenSea’s competitors
OpenSea’s competitors are rapidly gaining ground, according to Dune Analytics, and LooksRare is one notable player. Launched earlier this month, LooksRare is already outpacing OpenSea in terms of the trading volume. Despite this, early reports indicate that the platform appears to overrun with wash trading designed to rig the token-based rewards system.
Sultan Gustaf Al Ghozali-22-year-old Student Became a Millionaire
Another story involves Sultan Gustaf Al Ghozali, a 22-year-old computer science student from Semarang, Indonesia, who became a millionaire. You know why? by turning 1,000 selfies into NFTs and selling them online!
He had to create one. Since he woke up every morning to take a selfie, he used to take one every morning. The hobby he loved would make him a millionaire, he didn’t know. Since converting his selfies into NFTs five years ago, he is now making crores from the selfies he sells. Read more!