OpenSea Shatters Records
In a stunning turn of events for the NFT marketplace, OpenSea has achieved a monthly trading volume in Ether (ETH) exceeding $3.5 billion! Yes, you heard that right; for the first time ever, OpenSea has surpassed its previous record of $3.42 billion that was set back in August 2021. This new milestone has set the bar higher for all other marketplaces wishing to join the NFT party.
Daily Volumes That Make Us Go Wow!
According to data from Dune Analytics, OpenSea saw a jaw-dropping trading volume of $261 million on a single Sunday. To put it into perspective, that’s like a whole year’s worth of Netflix subscriptions, packed into 24 hours! For the entire month of January, OpenSea is racking up approximately $169 million every day. That’s quite the hustle!
The Not-So-Silent Influencers
The uptick in trading volume is not happening in a vacuum. One of the significant drivers has been the skyrocketing price of popular NFT collections such as Bored Ape Yacht Club (BAYC). This collection has attracted a cavalcade of celebrities, making it the go-to choice for anyone looking to make a splash in the NFT waters. In just the last day, more than 14,306 ETH (nearly $47 million) in BAYC NFTs changed hands. These apes are not just chilling in their digital jungle; they are making their owners a pretty penny!
Funding for the Future
OpenSea isn’t just basking in glory, they’re also gearing up for growth! Earlier this year, they announced a robust $300 million Series C funding round, led by top-tier venture capital firms Paradigm and Coatue. This fresh capital inflow has boosted OpenSea’s valuation to an impressive $13.3 billion. The plan? To improve their products and… wait for it… hire more employees! Who wouldn’t want to work in this buzzing digital marketplace?
Rising Competition on the Horizon
But it’s not all smooth sailing for OpenSea. There are new hobbies popping up on the NFT front. One noteworthy competitor is LooksRare, a fresh NFT marketplace that just launched and is already showing some serious trading volume, sometimes surpassing OpenSea! However, the early bird doesn’t always get the worm, as reports suggest that LooksRare might be riddled with wash trading tactics to manipulate the token rewards system. Shady business practices? Say it ain’t so!
Inspiring NFT Millionaires
In a delightful twist, Sultan Gustaf Al Ghozali, a 22-year-old computer science student from Indonesia, reached millionaire status by converting 1,000 selfies into NFTs and selling them on OpenSea. Talk about turning selfies into cash—perhaps this is the inspiration we all needed to elevate our social media game!
