The everyday trading volume of the OpenSea NFT industry hit a record January sixteen of $ 261 million with an typical of $ 169 million per day.
Even even though it truly is only been the to start with two weeks of January, OpenSea surpassed the regular monthly trading volume of Ether (ETH) by $ three.five billion for the to start with time. According to information from Dune Analytics, OpenSea has now surpassed an all-time higher of $ three.42 billion set in August 2021.
The boost in NFT trading volume seems to have been driven by the recognition of the NFT assortment of Bored Ape Yacht Club (BAYC) and its “brothers”, like Mutant Ape Yacht Club (MAYC)) and Bored Ape Kennel Club (BAKC) .
BAYC stays one particular of the most well-known NFTs on OpenSea, with twelve,136 ETH, just about $ 39 million at existing industry worth, traded in the previous 24 hrs.
Another critical driver of OpenSea’s development was a $ 300 million Series C funding round earlier this 12 months, led by two nicely-recognized hedge money, Paradigm and Coatue. The profitable fundraising brought OpenSea’s valuation to $ 13.three billion, with the aim of making use of the funding to strengthen goods and downsize personnel.
However, far more and far more new platforms are progressively appearing with stiff competitors for OpenSea, most notably LookRare, an NFT industry that has accomplished $ 325 million in NFT trading volume thanks to the airdrop token, even even though it has just launched. day.
Through the over occasion, it can be witnessed that OpenSea’s rivals are taking benefit of the airdrop “loophole” to appeal to funds movement and customers from the platform. Airdrop is the kind that most DeFi protocols have implemented in the previous to thank customers for contributing to the improvement of the venture as nicely as demonstrating higher decentralization, real to the nature of the cryptocurrency chemical business.
However, OpenSea abruptly went towards the aforementioned aspect when it announced its approach to hold an IPO alternatively of issuing tokens, producing the NFT neighborhood definitely disappointed. Despite the emergence of OpenDAO (SOS), the venture that conducts a token airdrop for OpenSea customers, which is anticipated to turn out to be the platform’s major token in the long term, factors have not progressed so far.
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