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OpenSea Sees Enormous Volume, Collections Gain Appeal as NFTs Boom in 2022

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OpenSea Sees Enormous Volume, Collections Gain Appeal as NFTs Boom in 2022

Source: Adobe/ymgerman

After a record-breaking year in 2021, the marketplace for non-fungible tokens (NFTs) is still disappointing any indications of slowing, with NFT market OpenSea seeing among its finest days on record on Monday, and sales of the popular Bored Ape Yacht Club collection crossing the USD 1bn mark.

With an overall of USD 255.9 m altering hands on OpenSea on January 3, the day marks the greatest volume for a single day given that August, when the NFT mania reached its peak and paved the way for a downturn in activity throughout the fall, according to information put together by the user rchen8 on Dune Analytics

The high figure on January 3 marks a dive from USD 243 m on January 2 and near USD 170 m on January 1, the information revealed.

USD volume on OpenSea:

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Source: @rchen8/ Dune Analytics

Meanwhile, cumulative sales of digital art pieces from the 10,000- piece Bored Ape Yacht Club collection reached the USD 1bn turning point throughout the very first couple of days of2022 The USD 1bn mark was crossed after sales of the NFTs on January 1 and 2 reached levels not seen considering that November, according to information from CryptoSlam

So far in January, sales of NFTs from the collection have actually generated USD 56.4 m, compared to USD 154.8 m for the whole month of December, which shows simply how strong the NFT market has actually remained in the brand-new year.

The boom for the Bored Ape Yacht Club collection has actually come as a variety of stars just recently have actually acquired products from the collection. Amongst them is rap artist Eminem, who on January 3 invested USD 462,000 on a piece, while NBA star Stephen Curry and television comic Jimmy Fallon have actually likewise purchased it.

OpenSea still controls

With the increasing quantity of trading volume seen on OpenSea in January, it has actually likewise ended up being clear that market has actually manifested its position as the dominant market for NFT trading.

According to DappRadar, OpenSea had without a doubt the biggest trading volume for Ethereum (ETH)- based NFTs over the past 30 days, with USD 2.73 bn negotiated throughout the duration. The second-ranked platform, CryptoPunks— which deals solely with digital art pieces from the popular CryptoPunks collection– saw a volume of USD 162 m, while the community-owned market Rarible was available in 4th with a 30- day volume of USD 20.

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Ranking of NFT markets by 30- day volume:

Source: DappRadar

Despite the increasing appeal, nevertheless, OpenSea has actually come under increasing examination from the neighborhood, with some users slamming the platform for its 2.5%commission cost, and others for its strategies to take the business public.

” When you have a business growing as quick as this one, you ‘d be silly not to consider it going public,” OpenSea’s brand-new primary monetary officer Brian Roberts informed Bloomberg in an interview in December.

However, members of the neighborhood didn’t like what they heard, with some suggesting on Twitter that they were “dissatisfied” by the platform not offering more back to its neighborhood.

Degenerate Ape Academy raises eyebrows in Hong Kong

Meanwhile, the Degenerate Ape Academy NFT collection has actually been getting attention in Hong Kong in current days after a group of collectors installed a 90- 2nd ad for the collection on a huge screen in the city’s popular Lan Kwai Fong location.

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According to the South China Morning Post, the current advertisement is simply one out of numerous that have actually been revealed on signboards around Hong Kong, with other highlighted collections bring names such as Bunny Warriors and LuckyKittens.

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