OpenSea deal volume spikes to brand-new ATH

The biggest NFT market OpenSea has actually simply broken its month-to-month deal volume record of $3.5 billion with 2 weeks delegated spare for this month.

OpenSea crosses the $3.5 billion mark

OpenSea had actually reached its previous ATH in August in 2015 when deals on its platform struck $3.42 billion. That figure has actually now been shattered thanks to the strong start of the NFT area this brand-new year.

According to information from Dune Analytics, the NFT market had actually balanced around $169 million in trading volume for each day of the year. The platform, on some days, had actually seen trade increase as high as $261 million.

While this is not completely unexpected, the trading volume on OpenSea had actually dramatically dropped to as low as $2.37 billion in November in 2015, however the level of restored interest in NFTs has actually assisted to press its volume back to its previous height.

Interestingly, the platform had actually produced around $237 million in deal charges throughout its last ATH. Readily available details has actually revealed that it might likewise beat that turning point as it has actually raised around $207 million in deal costs.

Projects leading the rise

Like we discussed previously, OpenSea’s brand-new record was sustained by restored interest in the NFT area. NFT tasks like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), PhantaBear, and so on, have actually seen an increase in their interest. BAYC, in specific, has actually taken pleasure in the patronage of celebs and organizations alike in current times.

Cumulatively, all of this has actually contributed in assisting the NFT market break its previous ATH and, at the exact same time, assist it strike $15 billion in overall NFT sales.

OpenSea’s increasing user base

OpenSea has actually had the ability to utilize its appeal in the area to seal itself as the undeniable leader in the NFT market.

Per offered information on Dune Analytics, the variety of active user wallets trading on the platform crossed the 1 million mark previously this year.

This news began the heels of OpenSea raising $300 million in a Series C financing round which pressed its evaluation to over $13 billion. Since July in 2015, the company was just valued at less than $2 billion.

It is essential to keep in mind that brand-new markets like LooksRare are wanting to challenge its supremacy in the market. We reported that the brand-new market saw its weekly trading volume beat that of OpenSea recently.