OpenSea NFT Market Hits Document $3.5B in Month-to-month ETH Quantity

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The OpenSea NFT market hits a record $3.5 billion in monthly ETH volume and maintains its leadership as we take a closer look at today’s crypto news.

The OpenSea NFT market recorded a new high in monthly Ethereum trading volume, jumping above $3.5 billion, according to data from Dune Analytics. With two weeks to go in the month, OpenSea trading volume now surpassed both the previous ATH of $3.42 billion from last year and the $3.24 billion in December sales. January trading volume has so far exceeded $169 million per day, with the platform’s highest single-day volume recorded in January at $261 million.

NFTs are cryptographically unique digital tokens that provide proof of ownership of a broader range of tangible items that can be stored digitally and have a variety of use cases such as collectibles, music, video, art, and video games. The recent boom inactivity on OpenSea came amid the larger crypto market, which has been flat for the past few weeks, with BTC down 7.5% year-to-date. Ethereum, the second largest crypto by market cap, is down 14.6% over the past two weeks and is trading at $3275, CoinGecko data shows.

Bored Ape Yacht Club, which has had an impressive number of celebrity owners, remains the most popular NFT collection on OpenSea in terms of trading volume and 14,306 ETH traded over the past day. Earlier this month, OpenSea announced a $300 million Series C funding round led by Coatue and Paradigm. The recent funding brought the company’s valuation to $13.3 billion, with the new capital used to develop new products and expand the team.

The competition in the industry is intensifying with some new additions to the platform. According to Dune Analtyics, one such rival is LooksRare, a new NFT marketplace that launched earlier this month and has already surpassed OpenSea in terms of trading volume. It remains to be seen how this competition will play out over the long term, as early iterations indicated that LooksRare is brimming with wash trading to manipulate the platform’s token-based rewards system.

OpenSea plans, IPO, public, nft, market

As recently reported, 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 rising and the NFT giant hitting a new tally milestone Of the active users on the platform, Dune Analytics data showed that OpenSea has exceeded one million active user wallets on the platform.

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