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OpenSea trading volume set for record month regardless of crypto market retreat

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OpenSea trading volume set for record month regardless of crypto market retreat

The leading NFT market on the planet is set to break its own record for trading volume as it is on rate to surpass $6 billion by the end of the month if the pattern continues.

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The world’s leading NFT market OpenSea is poised to break its own record for month-to-month sales on Ethereum as day-to-day volumes are rising.

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OpenSea’s $2.1 billion in trading volume of nonfungible tokens (NFT) through Jan. 10 is over half the overall trading volume for the totality of August 2021, the greatest month on record. Volume reached almost $3.5 billion because month, according to Dune Analytics.

The market is presently on rate to top $6 billion in trading volume for January must the existing pattern continue.

Current trading volume on OpenSea has actually been driven by the brand-new PhantaBear collection, which tape-recorded 17,12479 ETH ($53 million) in sales over the previous 7 days. Bored Ape Yacht Club is a close 2nd location with 16,65778($515 million).

Jay Chou YYDS pic.twitter.com/LbhAjIRmzv

— Ezek (@EzekClub) January 10, 2022

Aggregated information from CryptoSlam reveals the Doodles collection as the leader in sales throughout all NFT markets, with almost $56 million in sales over the previous 7 days. It presently ranks 3rd in trading volume on OpenSea.

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Other essential elements adding to the record rate for OpenSea according to Dune consist of the variety of active users, which at 260,369 is quickly approaching the all-time high of 362,679 tallied last month.

OpenSea has actually revealed that there is still a significant quantity of space to fill for NFT markets, as trading volumes have actually stayed high for over 6 months directly and exceeded $4 billion internationally over the past 30 days. Because of that, alternative markets such as the brand-new LooksRare (LOOKS) and Solana’s Magic Eden plan to siphon off a minimum of a part of OpenSea’s volume.

Related: OpenSea raises $300 M for encrypted digital market

The NFT markets have actually experienced a genuine revival in interest given that the start of the brand-new year. Volumes throughout all platforms tracked by NFT market information source NonFungible program a constant boost considering that Jan. 1 when overall everyday sales reached almost 15,671 products. In between Jan. 7 and 8, sales increased up from 13,189 to 36,041 NFTs. Daily sales struck a month-to-month high of 29,921 NFTs on Jan. 10.

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