Just two weeks into 2022, the OpenSea NFT market saw monthly trading volumes for Ether (ETH) surpass ATH in August 2021 by $3.42 billion. According to Dune Analytics data, the market has now set a new all-time milestone, after its Ether trading volume surpassed the $3.5 billion mark.
A bright start to the year for NFT and OpenSea
So far in the year, there has been an increase in NFT trading volume. But this may not be related to the price increase in the popular Bored Ape Yacht Club (BAYC) NFT collection and its sister collections – the Bored Ape Hound Club (BAKC). and the Mutant Ape Yacht Club (MAYC). BAYC alone, for example, has traded around 14,306 ETH in the last 24 hours. At the time of writing, that volume is worth about $47 million for the most popular collection of NFTs.
Additionally, according to Dune Analytics data, OpenSea recorded its largest single day trading volume ($261 million) on January 9, breaking $150 million in daily trading volume to date. in January.
Competition Possible?
Meanwhile, OpenSea’s long reign as the leading NFT market may be threatened in some form. With many contests taking place from different angles, one notable player will be LookRare – a new NFT marketplace that launched in early January. Dune Analytics data shows that LookRare has outstripped OpenSea in terms of transaction volume.
Now, this is despite OpenSea’s best efforts to maintain its lead.
The company also announced a $300 million Series C funding round led by VC firms Paradigm and Coatue earlier in the year. That funding has brought its value to $13.3 billion as it looks to use the money to expand its team and improve its product offerings.
To be sure, NFT shows no signs of slowing down in 2022 as its adoption continues to grow unbelievably, even spreading globally.