OpenSea’s Monthly Trade Volume Exceeds $3.5 Billion as NFTs Take Center Stage
NFT marketplace OpenSea has surpassed $3.5 billion monthly trade volume, marking a new all-time high
The platform which recently got a funding of $300 million had $47 million traded in 24 hours for BAYC NFTs
NFTs from Bored Apes Yacht Club have been listed at the top of trade on the platform
NFT online marketplace OpenSea has set a new record for sales volume, indicating that the market for Non-fungible tokens is booming.
Despite being only in the middle of January, the platform has surpassed $3.5 billion in trade volume for the first time ever.
Before this, the previous month, the trading volume record was $3.42 billion which was set in August 2021, according to Dune Analytics.
The price hikes of some NFT collections are thought to be responsible for the profits churned out by the company.
Collections from Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club have been listed among those with the highest trade volume on the platform.
A report has revealed that Bored Ape Yacht Club NFTs are the most popular with a trading worth of $47 million in the last 24 hours.
Recently, the NFT market has gotten broader acceptance as celebrities such as Snoop Dogg, Eminem, and Steve Harvey have invested in the space.
Surging sales and the huge price of NFT items gave left many surprised despite this, the growth of the market has encountered no setback.
OpenSea was founded in 2017, by tech entrepreneur Devin Finzer and he remains the CEO of the NFT marketplace.