NFT News

OpenSea Units New Document for Month-to-month Ether Buying and selling Volumes at $3.5B

Written by James Smith

Well-known Non-Fungible Token (NFT) market, OpenSea has recorded a brand new All-Time Excessive (ATH) in Ethereum buying and selling quantity for the month of January as collectors showcase their willingness to interrupt new information on this new 12 months.

Per information from Dune Analytics, the month-to-month Ether buying and selling quantity has topped $3.5 billion, outpacing the $3.42 billion recorded by the platform again in August 2021. 

With January nonetheless having many extra days to go, the spectacular milestone displays the large buying and selling volumes the platform has witnessed for the reason that starting of the 12 months. Common every day gross sales quantity is pegged at $169 million, with the determine rising as excessive as $261 million as January ninth.

Notably, the gross sales figures will not be a perform of the full variety of NFTs offered as just one.34 million arts have been offered up to now this month as in opposition to a document of 1.71 million recorded final September.

OpenSea has continued to develop in recognition in comparison with different competing NFT marketplaces as its whole consumer counts are actually pegged at 1,018,790, in response to information from Dune Analytics. 

OpenSea has all the time loved the first-mover benefit because it is likely one of the most pioneering NFT marketplaces round as we speak. Whereas competing marketplaces, together with Rarible and new participant LooksRare, are notably taking a market share, OpenSea has remained constant for attracting a few of the hottest and costly NFT collections to this point. 

The legacy NFT market is well-equipped for its present development. It has been raising funds from buyers, the newest being the $300 million funding led by funding companies Paradigm and Coatue Administration. The platform has all the time seen a large upsurge in customer depend with a corresponding strain weighing on its employees. With its accrued funding, one of many main pursuits of the platform is to rent new employees to relieve its overwhelmed workforce, a transfer that appears extra obligatory this 12 months primarily based on the spectacular headstart the agency has recorded up to now this 12 months.

Picture supply: Shutterstock

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James Smith

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