With two more weeks to go until the end of January, OpenSea, the non-fungible token (NFT) market, surpassed $3.5 billion in monthly Ether (ETH) trading volume for the first time.
According to Dune Analytics, OpenSea has now surpassed the all-time high of $3.42 billion set in August 2021 to set a new all-time high and break the $3.5 billion mark in Ether trading volume.
OpenSea’s record volume as of Sunday was $261 million, according to Dune Analytics. So far in January, OpenSea has surpassed $169 million in daily trading volume.
The increase in NFT trade volume appears to be driven by price increases at Bored Ape Yacht Club (BAYC) and its sister collections Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). BAYC, which has a large number of famous owners, remains the most popular NFT collection on OpenSea, with 14,306 ETH (current market value of almost $47 million) traded in the last 24 hours.
OpenSea announced a $300 million Series C funding round earlier this year, led by venture capital firms Paradigm and Coatue. The fresh money increased the company’s valuation to $13.3 billion with the intention of using it to improve the product and increase the number of employees.
But still, New players are quickly gaining traction on OpenSea, and a notable competitor is LooksRare, a new NFT marketplace that launched earlier this month and is already overtaking OpenSea in terms of trading volume., according to data from Dune Analytics. However, based on initial reports, the platform appears to be full of laundering to manipulate the token-based rewards system.
In other news, Sultan Gustaf Al Ghozali, a 22-year-old computer science student from Semarang, Indonesia, became a millionaire by turning 1,000 selfies into NFTs and selling them on Opensea.