NFT marketplace OpenSea kicks off the new year with strong volumes

NFT marketplace OpenSea has seen very strong trading volumes so far this month. A frenzy that, at this pace, puts it on track to set a new monthly record.

According to The Block’s Data Dashboard, NFT trading on OpenSea in January has already exceeded $1.36 billion — just 10 days in. By comparison, the platform’s highest-ever monthly volume, recorded in August 2021 was $3.16 billion.

If the first 10 days of January are any indication, then OpenSea could be set for a new all-time high in terms of its monthly trading volume, not long after it raised $300 million from backers like Coatue and Paradigm.

An NFT Renaissance

In December, the NFT market bounced back after four months of falling activity — a trend that has continued into the new year.

This was helped by the rise in demand for certain NFT collections, such as Bored Ape Yacht Club. This activity seems to have carried over, with over $100 million in Bored Ape NFTs changing hands in January so far.

Other collections have seen big sales too, with MoonPay acquiring a $3 million CryptoPunk earlier in the month.

While some NFTs are seeing price rises, this cannot be said for the rest of the crypto market. The bulk of the crypto market has suffered double-digit losses since the start of the year. As a result, the market capitalization of the entire crypto market has dipped below $2 trillion for the first time since late September.

About Author

Osato is a reporter at The Block who likes to cover DeFi, NFTS, and tech-related stories. He has previously worked as a reporter for Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score.

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