OpenSea’s record-high daily volume on Sunday was $261 million. Thus far this month, OpenSea has averaged $169 million in trading volume for each day.
With two weeks left in January, nonfungible token (NFT) marketplace OpenSea has seen its monthly trade volume in Ether (ETH) surpass $3.5 billion for the first time ever.
OpenSea, according to data from Dune Analytics, has now surpassed the all-time high of $3.42 billion, set in August 2021, to establish a new all-time high, surpassing the $3.5 billion mark in Ether trading volume.
OpenSea’s volume on Sunday was $261 million, according to Dune Analytics. OpenSea has broken $169 million in trading volume per day thus far in January.
NFT trade volumes are soaring due to the price increases in Bored Ape Yacht Club (BAYC) and its sibling collections Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). In the last 24 hours, 14,306 ETH, or nearly $47 million in market value, have been traded on OpenSea’s Baycoin collection, which is owned by a large number of celebrities.
Early this year, OpenSea announced a $300 million Series C round of financing led by Paradigm and Coatue. As a result of the cash injection, the firm is now valued at $13.3 billion, with plans to use it to improve products and increase employee numbers.
However, new platforms are rapidly gaining ground on OpenSea, and one noteworthy competitor is LooksRare – a new NFT marketplace launched earlier this month that is already outpacing OpenSea in terms of trading volumes, according to Dune Analytics. The platform, however, seems to be rife with wash trading in order to rig the token-based rewards system, according to early reports.
Sultan Gustaf Al Ghozali, a 22-year-old computer science student from Semarang, Indonesia, became a millionaire by converting 1,000 selfies into NFTs and selling them on Opensea.