NFT Trading Volume on OpenSea Rises To Record High in New Year

By Oluwapelumi Adejumo
Published January 4, 2022 Updated January 4, 2022
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NFT Trading Volume on OpenSea Rises To Record High in New Year

By Oluwapelumi Adejumo
Published January 4, 2022 Updated January 4, 2022

The world is less than a week into the new year, but traders on NFTs trading platform, OpenSea have already started getting the job done. 

OpenSea Starts the Year Strongly

According to available data, the platform’s trading volume has recorded a significant rise since the first day of the year. 

To be precise, over the last three days, the platform has recorded more than $700 million in sales. This figure places it in line for an unprecedented month in sales volume.

A market review indicates that this surge in trading might not be unrelated to the renewed speculative frenzy surrounding two yacht clubs: Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

A breakdown of the platform’s outstanding performance since the turn of the year indicates that yesterday, January 3, was the most rewarding. The company recorded a massive $255.8 million worth of volume within the space of 24-hour data made available to the public by rchen8 on Dune Analytics indicates. 

Interestingly, there are indications that this might be the All-Time High of the platform within 24 hours. However, while this assertion looks interesting, multiple popular onlookers, including Wu Blockchain, share the same view. Previous data states otherwise. A post by rchen8 on Dune Analytics shows that August 29 saw the all-time high (ATH) of $322 million.

In December, OpenSea’s monthly volume topped $3.24 billion and fell just 5.3% short of the platform’s ATH in August of $3.42 billion.

Much Frenzy Surrounds Bored Ape and Mutant Ape NFTs

While multiple factors can be credited for the continuous rise in trading volumes of OpenSea, it is impossible to undermine the role of the recent frenzy surrounding the BAYC and MAYC NFTs, among other projects designed by the prominent Yuga Labs.

This is because of the prominent position these projects hold on the platform. For example, MAYC sits at the top of the rank of all NFT projects when viewed from the lens of their seven-day volume on secondary markets at $93.2 million, according to data from CryptoSlam. BAYC NFTs follow closely with $88.4 million in trading volume.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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