Non-fungible tokens (NFTs) won’t lose any momentum in 2022. OpenSea, the largest NFT marketplace, has seen three-month peak trading volumes of $260 million on yesterday.
NFTs enter 2022 on strong momentum
According to data from Dune Analytics, a free blockchain data analytics platform, OpenSea’s daily transaction volume has exceeded $200 million in six of the 10 days so far in 2022. about $2 billion NFT traded in 2022. They have generated over $1.9 billion worth of trading volume since the beginning of 2022.
However, recent trading volumes have yet to match OpenSea’s all-time high daily trading volume of $322 million achieved at the end of August 2021. Extraordinary NFT Sales of the Month This has been fueled by renewed interest in two popular NFT collections, the Bored Apes Yacht Club and the Mutant Apes Yacht Club. The platform also recently managed to secure over $300 million in funding.
Some of the items in this collection have been picked up by celebrities like rapper Eminem, musician Britney Spears and comedian Dave Chappelle this January. The frenzy could be an indicator that the NFT is poised to surpass their performance in 2021, with total digital asset sales close to $41 billion according to a report from NonFungible.com.
The new milestone did not protect OpenSea from criticism
While OpenSea may be on track to hit its best month this January, its critics are undeterred in pointing out its flaws. In a recent Twitter Spaces titled “Death of OpenSea: building a community-owned marketplace” hosted by “CryptoNCoffee,” over ten speakers highlighted how the crypto community can move from OpenSea because of its centralization.
Crypto Twitter participants have responded to comments made on the space. According to David Gokhshstein, founder of Gokhshstein Media, despite OpenSea’s problems, they still play an important role in the NFT market. He added that a positive of OpenSea’s existence is that it has given a lot of artists a platform that they otherwise wouldn’t have.
OpenSea has given so many artists a platform to shine. Now there’s a Spaces talk about replacing it? Not everything needs to be decentralized.
Expectations of the NFT Market in 2022 and Beyond
NFT has received a lot of interest in 2021, both positive and negative. As predicted, NFTs are set to surge again in 2022. According to BeInCrypto’s Eran Elhanani, there are at least three major NFT trends likely to happen in 2022. Blockchain games, surpass $1 billion in 2021, will be a major driver of the sale and use of NFTs. Similarly, NFTs will also strengthen their position as an investment vehicle of choice, and major retailers like Adidas and their like will play a large role in the NFT market.