Just two weeks into 2022, NFT marketplace OpenSea has seen its monthly trading volume for Ether (ETH) surpass the Aug. 2021 ATH of $3.42 billion. According to Dune Analytics data, the marketplace has now set a new all-time, after its trading volume for Ether crossed the $3.5 billion mark.
A Bright Start To The Year For NFTs and OpenSea
So far in the year, there has been an upsurge in NFT trading volumes. But this might not be unrelated to the price increase in the popular Bored Ape Yacht Club (BAYC) NFT collection and its sister collections — the Bored Ape Kennel Club (BAKC) and the Mutant Ape Yacht Club (MAYC). The BAYC alone, for instance, traded about 14,306 ETH in the past 24 hours. At the time of writing, that’s worth about $47 million in trade volume for the most popular NFT collection.
Also, per Dune Analytics data, OpenSea recorded its largest single-day volume ($261 million dollars) on January 9, breaking $150 million in trading volume for each day so far in January.
Meanwhile, OpenSea’s long reign as the leading NFT marketplace might be under some form of a threat now. With many competitions rising from different angles, a notable player would be LooksRare — a new NFT marketplace launched earlier in January. Dune Analytics’ data suggests that LooksRare is already outpacing OpenSea in terms of trading volumes.
Now, this is despite OpenSea’s best efforts to remain at the top.
The firm had also announced a $300 million Series C funding round that was led by VC firms Paradigm and Coatue early in the year. That funding brought its valuation to $13.3 billion as it looks to use the funds to enlarge its team and improve its product offerings.
Surely, NFTs are showing no signs of slowing down in 2022 as its adoption continues to grow unbelievably, even into unexpected spaces globally.
- Do Kwon Says Terra Collecting Snapshot Data For LUNA Airdrop
- Top ETH Whales Add These DeFi Tokens Amid Crypto Volatility
- Here’s Why Bitcoin (BTC) Could Be In for Another 50% Correction Under $15,000
- Another Top Exchange To Delist Terra UST Over Collapse
- Just-In: Vitalik Buterin No Longer A Billionaire As Ethereum Crashes
- Bitcoin Price: Key Metrics Show Surprising Insights
- After Terra Crash, Galaxy Digital CEO Warns Against Bottom Buying
- Shiba Inu (SHIB) Prices May Jump Next Week; Here’s Why
- Is Andre Cronje Back On Fantom? FTM Jumps 13%
- PlanB Says Bear Market Almost Over, Bitcoin (BTC) In Buying Range
- GALA Price Analysis: High Momentum Fallout Warns $0.075 Fallout
- Apecoin Price Prediction 2022 : The future of Web3 and NFTs ?
- Ethereum Classic Price Prediction 2022 : Here’s What to Expect from ETC Price ?
- SAND Price Analysis: SAND Buyers Await Trendline Breakout To Go Long
- Avalanche Price Analysis: AVAX Sellers Tease $30 Fallout; Sell or Hold?
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE