OpenSea NFT trading volume surges as Bored Ape mania intensifies

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2022-01-06 10:39:42

Data shows that OpenSea has generated over $700 million in sales so far this year, putting the NFT market on track for another record month.

NFT trading volume on OpenSea is surging in January amid renewed speculative fever on Yuga Labs Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

According to data posted by “rchen8” on Dune Analytics, OpenSea has generated over $700 million worth of trading volume since the beginning of 2022, with January 3 being the biggest day of the year with a hefty value. $255.8 million in 24 hours of volume.

While popular viewers like Wu Blockchain have asserted that January 3rd volume is a record high for OpenSea, previous data posted by rchen8 on Dune Analytics shows that August 29th saw the all-time high (ATH) is $322 million.

In December, OpenSea’s monthly transaction volume hit $3.24 billion and was just 5.3% down from the platform’s August ATH of $3.42 billion. With the NFT market already conducting over $700 million worth of trading volume in the first four days of January, the record high could soon be broken if momentum continues throughout this month.

Bored Ape mania

One factor that may have contributed to OpenSea’s volume spike is the recent euphoria surrounding BAYC and MAYC NFT along with a host of other projects from Yuga Labs.

Data from CryptoSlam shows that MAYC is currently the top-ranked NFT project by seven-day volume on the secondary market with $93.2 million, with BAYC NFTs closely following in second place with 88.4 million dollars.

In the past 30 days, the MAYC and BAYC projects have generated $189.7 million and $182.6 million each, making them the third and fourth highest ranked NFT collections at the time. Reply.

In terms of 24-hour volume, MAYC pulled in $18.7 million worth of secondary volume, while BAYC generated $14 million. According to OpenSea, the current floor price for BAYC NFT is a whopping 67 Ether (ETH) worth around $250,000, while MAYC NFT is currently priced at 15.87 ETH, or $59,300.

In January so far, several Pop culture icons like rapper Eminem, musician Britney Spears and comedian Dave Chappelle all reported winning BAYC NFTs for a six-figure sum this month.

Source: Cointelegraph

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