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OpenSea Scores ATH of $3.5B in Monthly Ethereum Trading Volume

www.thecoinrepublic.com 19 January 2022 18:30, UTC
Reading time: ~3 m

  • Despite the overall crypto market suffering, the NFT sector appears to be showing strong bullish nature
  • OpenSea has surpassed the $3.5B mark
  • OpenSea has averaged $169 million in trading volume for each day

With two additional weeks left in January, non fungible token (NFT) commercial center OpenSea has seen its month to month exchange volume Ether (ETH) surpass $3.5 billion out of the blue.As indicated by information from Dune Analytics, OpenSea has now outperformed the unsurpassed high of $3.42 billion set in August 2021 to build up another record-breaking high, outperforming the $3.5 billion imprint in Ether exchanging volume.

OpenSea’s record-high volume on Sunday, according to Dune Analytics, was $261 million. So far in January, OpenSea has broken $169 million in exchanging volume for every day.

The surge in NFT trade volume has mostly been accredited to the price rise in BAYC 

The flood in NFT exchange volume has all the earmarks of being energized by the cost expansion in Bored Ape Yacht Club (BAYC) and its kin assortments, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). BAYC, which has an enormous number of big name proprietors, is as yet the most well known NFT assortment on OpenSea, with 14,306 ETH exchanged in the course of the most recent 24 hours.

OpenSea declared a $300 million Series C financing round early this year, led by investment firms Paradigm and Coatue. The new money carried the company’s valuation to $13.3 billion, determined to involve it for item improvement and helping worker numbers.

New players are quickly making strides on OpenSea, nonetheless, and one prominent contender is LooksRare – another NFT commercial center sent off recently that is as of now dominating OpenSea as far as exchanging volumes, according to Dune Analytics’ information. Nonetheless, as per early reports, the stage seems, by all accounts, to be spilling over with wash exchanging to fix the token-based prizes framework.

Elsewhere in the world, Sultan Gustaf Al Ghozali, a 22-year-old software engineering understudy from Semarang, Indonesia, turned into a tycoon by transforming 1,000 selfies into NFTs and selling them on Opensea.


OpenSea Expansion and Ballooning Valuation

Over the recent months, OpenSea has arisen as a generally settled brand with a critical degree of notoriety. CryptoPotato as of late revealed that it had crossed the pin for 1,000,000 imprint regarding dynamic client wallets on the stage.

Recently, OpenSeal reported closing a $300 million Series C round led by Paradigm and Coatue. The most recent capital mixture esteemed the crypto firm at an incredible $13.3 billion. Pushing ahead, it intends to speed up item improvement, upgrade client assistance and security, definitively put resources into the more extensive NFT and Web3 biological system, just as enhance its group.

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