OpenSea trading volume prepares for record month despite retreat of crypto market

The world’s leading NFT market, OpenSea is on the verge of breaking its own monthly sales record on Ethereum as daily volumes increase.

OpenSea’s trading volume of 2.1 billion According to Dune Analytics, the volume reached nearly $ 3.5 billion that month.

The market is currently on track to exceed USD 6 billion in trading volume in January if the current trend is maintained.

OpenSea trading volume prepares for record month despite retreat of crypto market
OpenSea trading volume prepares for record month despite retreat of crypto market

Current trading volume on OpenSea was powered by the new PhantaBear collection, which posted 17,124.79 ETH ($ 53 million) in revenue for the past seven days. The Bored Ape Yacht Club ranks just under second at 16,657.78 ($ 51.5 million).

Aggregated CryptoSlam data shows that The Doodles collection is a top seller in all NFT markets, with sales of nearly $ 56 million in the past seven days. It currently ranks third in trading volume on OpenSea.

Other key factors that Dune says contribute to OpenSea’s record pace are the number of active users, which is rapidly approaching last month’s all-time high of 362,679 at 260,369.

OpenSea has shown that NFT markets still have plenty of headroom as trading volumes have been high for more than six straight months, exceeding $ 4 billion globally in the past 30 days. With this in mind, alternative markets like the new LooksRare (LOOKS) and Solana’s Magic Eden aim to capture at least part of OpenSea’s volume.

The NFT markets have seen a real resurgence in interest since the start of the new year. The volumes of all platforms tracked by NonFungible, NFT’s market data source, have shown a steady increase since January 1, when total daily sales hit nearly 15,671 items. Between January 7th and 8th, sales rose from 13,189 to 36,041 NFT. Daily sales hit a monthly high of NFT 29,921 on January 10th.

Similar Posts