OpenSea surpasses $3.5B in monthly Ether trading volume setting new ATH

With two extra weeks left in January, nonfungible token (NFT) market OpenSea has seen its monthly commerce volume in Ether (ETH) exceed $3.5 billion for the primary time ever.

According to information from Dune Analytics, OpenSea has now surpassed the all-time excessive of $3.42 billion set in August 2021 to ascertain a new all-time excessive, surpassing the $3.5 billion mark in Ether trading volume.

OpenSea’s record-high volume on Sunday, as per Dune Analytics, was $261 million. Thus far in January, OpenSea has damaged $169 million in trading volume for every day.

The surge in NFT commerce volume seems to be fueled by the worth improve in Bored Ape Yacht Club (BAYC) and its sibling collections, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). BAYC, which has a large number of celebrity owners, remains to be the preferred NFT assortment on OpenSea, with 14,306 ETH (almost $47 million in present market worth) traded during the last 24 hours.

OpenSea introduced a $300 million Series C financing round early this 12 months, led by enterprise capital companies Paradigm and Coatue. The recent money introduced the agency’s valuation to $13.Three billion, with the intention of utilizing it for product enchancment and boosting worker numbers.

Related: NFT sales and blockchain games continue to grow despite the recent market slump: Report

New gamers are quickly gaining floor on OpenSea, nevertheless, and one notable competitor is LooksRare — a new NFT market launched earlier this month that’s already outpacing OpenSea in phrases of trading volumes, as per Dune Analytics’ information. However, in accordance with early experiences, the platform appears to be overflowing with wash trading to rig the token-based rewards system.

In different news, Sultan Gustaf Al Ghozali, a 22-year-old laptop science scholar from Semarang, Indonesia, turned a millionaire by turning 1,000 selfies into NFTs and selling them on Opensea.