- OpenSea has notched a new all-time high in monthly ethereum-based trading volume of $3.5 billion this month.
- This record surpasses both the previous record in August and December last year.
- OpenSea is the largest marketplace for nonfungible tokens.
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OpenSea, the largest marketplace for nonfungible tokens, has already notched a new record in monthly ethereum trading volume in January as the digital collectible mania rages on.
NFT trading volume on the ethereum blockchain exceeded the $3.5 billion mark even with almost two more weeks to go, data from Dune Analytics shows.
The new all-time-high surpasses both the previous records of $3.42 billion in August 2021 and the $3.24 billion in December of the same year.
Daily ethereum trading volume for the first month of the year did not fall below $169 million, even notching $261 million peak on January 9.
The record-breaking sales do not come as a surprise as the popularity of NFTs — digital representations of artwork, sports cards, or other collectibles tied to a blockchain — shows no signs of abating.
Collections such as CryptoPunks, considered one of the original NFT collections since it came out in 2017, and Bored Ape Yacht Club, which launched in April 2021, have been highly coveted by investors from Wall Street and Hollywood. Each digital collectible can command up to millions.
NFTs recorded over $12 billion in sales on the ethereum blockchain in 2021, marking a stunning 17,864% year-on-year growth compared to 2020's $67 million, according to data from NonFungible.com.
As a result, newcomers, such as LooksRare, are attempting to ride the wave too. Just 24 hours after the new NFT marketplace launched, it has already hosted $105 million in trading volume based on Dune Analytics data as reported by CoinDesk.
As a whole, NFTs still have yet to fully break into the mainstream due to their highly speculative nature. Many also still question the intrinsic value of these tokens.
Still, this has not stopped figures such as NBA star Stephen Curry and hip hop artist Eminem from hopping in on the craze.