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Despite crypto market fall OpenSea trading volume set record for trading volume

The top NFT marketplace in the world is set to break its own record for trading volume as it is on pace to exceed $6 billion by the end of the month if the trend continues.

The world’s leading NFT market OpenSea is poised to smash its own record for monthly sales on Ethereum as daily volumes are surging.

OpenSea’s $2.1 billion in buying and selling volume of nonfungible tokens (NFT) via Jan. 10 is extra than half the total buying and selling volume for the entirety of August 2021, the highest month on record. Volume reached almost $3.5 billion in that month, according to Dune Analytics.

The marketplace is currently on pace to pinnacle $6 billion in buying and selling quantity for January should the current trend continue.

Current trading volume on OpenSea has been driven by the new PhantaBear collection, which recorded 17,124.79 ETH ($53 million) in sales over the previous seven days. Bored Ape Yacht Club is a close 2nd place with 16,657.78 ($51.5 million).

Aggregated records from CryptoSlam indicates the Doodles collection as the chief in sales across all NFT marketplaces, with nearly $56 million in sales over the past seven days. It currently ranks third in buying and selling volume on OpenSea.

Other key factors contributing to the record pace for OpenSea according to Dune include the number of active users, which at 260,369 is rapidly approaching the all-time high of 362,679 tallied remaining month.

OpenSea has shown that there is still a splendid quantity of room to fill for NFT marketplaces, as trading volumes have remained excessive for over six months straight and surpassed $4 billion globally over the previous 30 days. In light of that, alternative marketplaces such as the new LooksRare (LOOKS) and Solana’s Magic Eden intend to siphon off at least a portion of OpenSea’s volume.

The NFT markets have experienced a veritable resurgence in activity since the starting of the new year. Volumes across all platforms tracked through NFT market data source NonFungible exhibit a regular increase since Jan. 1 when whole day by day income reached nearly 15,671 items. Between Jan. 7 and 8, sales spiked up from 13,189 to 36,041 NFTs. Daily sales hit a monthly high of 29,921 NFTs on Jan. 10.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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