OpenSea, the world’s leading NFT marketplace just broke its own monthly transaction volume record. The company achieved this amazing feat yesterday, and there are still 12 more days until the end of the month. Who knows what the figure will look like then. At the time of writing, the monthly volume sits at $3.88 billion.
Besides the monthly volume, OpenSea also broke the daily volume record, surpassing $261 million on Jan 9. In addition, there are 30k more monthly active traders at this point compared to the whole of last month. Overall, the increase in the total number of OpenSea traders has not slowed down since July 2021. I guess it’s safe to say the bulls are in control.
However, there is a noticeable decline with regards to the total NFTs being sold, relative to the transaction volume. This shows that the prices of some NFTs have grown significantly over the past few months. On the flip side, one has to wonder what is going on with the other NFTs? Are the owners HODLing? Collecting? Or is there no more demand for those pieces?
The surge in OpenSea’s monthly volume can certainly be attributed to several blockbuster NFT projects. This includes MAYC, BAYC, Doodles, CryptoPunks, PhantaBear, and the list goes on.
OpenSea has certainly had its fair share of criticism and bad publicity, in addition to numerous competitors gunning for its top spot. Nevertheless, the company still sits firmly in the lead. Even so, OpenSea continues to improve its service offerings. For instance, the company’s recent acquisition of Dharma Labs opens a stream of new opportunities.