If you invested in NFTs this year, you are in luck. According to data from Dune Analytics,Open Sea recently recorded a monthly Ethereum trading volume that has surpassed $3.5 billion, setting a new all-time high.
With a few days left until the end of the month, OpenSea trade volume has already surpassed both the previous all-time high of $3.42 billion set in August of last year and the $3.24 billion in sales set in December of the previous year.
NFTs are cryptographically unique digital tokens that serve as proof of ownership for a broader range of Tangible goods that may be stored digitally and have a variety of applications, including collectibles, music, films, art, and video games. The recent surge in activity on OpenSea coincided with the bigger crypto market remaining stagnant in recent weeks, with BTC down 7.5 percent since the beginning of the year. According to CoinGecko data, Ethereum, the second largest cryptocurrency by market cap, has dropped 14.6 percent in the last two weeks and is now trading at $3275.
Bored Ape Yacht Club, which boasted a slew of celebrity owners, is still the most popular NFT collection on OpenSea, with 14,306 ETH transferred in the last 24 hours. OpenSea launched a $300 million Series C fundraising round earlier this month, anchored by Coatue and Paradigm. The company’s current funding raised its valuation to $13.3 billion, and the fresh funds would be utilized to develop new products and grow the workforce.
With some new arrivals on the platform, the rivalry in the sector is heating up. LooksRare, a new NFT marketplace that opened earlier this month and has already exceeded OpenSea in terms of trading volumes, according to Dune Analytics. It’s unclear how this battle will play out in the long run, as early indications suggest LooksRare is engaging in wash trading to manipulate the platform’s token-based rewards system.
As previously reported, the non-fungible token marketplace platform OpenSea now has over 1 million active user wallets and continues to grow and impress in the new year, with adoption and trading metrics also increasing, and the NFT giant reached a new milestone in the number of active users on the platform, according to data from Dune analytics.