OpenSea Records $5B In Monthly Sales Thanks To ETH NFT Markets

OpenSea records $5B in monthly sales thanks to the Ethereum NFT market expanding further as we can see more in our latest Ethereum news.

The wider NFT market is expanding and OpenSea records $5B in monthly sales as Bored Apes rides the celebrity buzz. Opensea also had a record-breaking January moment with more than $5 billion in trading volume between Polygon and Ethereum. Other marketplaces put up huge numbers last month as Bored Ape Yacht Club, World of Women, and Azuki. The leading NFT marketplace generated more than $5 billion in total trading volume and broke the previous record from August 2021.

Public blockchain data collected by Dune Analytics shows that OpenSea had more than $4.95billion of ETH tradign volume and more than $79 million on Polygon which is a sidechain scaling solution for ETH with both being single-month records for each platform. OpenSea’s previous ETH peak came in 2021 as the NFT market exploded after the summer and reached $3.4 billion in trading volume for the month. In the meantime, the marketplace’s Polygon record was set in December with $76 million as the NFT trading on the scaling solution increased in the past few months.

OpenSea had its biggest single-day in months and it is one of the four single days above the $200 million price point for ETH trading in January. The Dune Analytics reports created by Richard Chen noted that there was a double-counting transaction sent by newer aggregators such as Gem and Genie and was fixed on January 20. even with the data correction, OpenSea still blew past its previous ETH record as the market soars to higher highs. However, some OpenSea users saw their high-value NFT collectibles sold for a small cost and the firm even paid out $1.8 million worth of ETH to the affected customers.

OpenSea is a really good indicator of the NFT market momentum which continued growing despite the rough month for the crypto prices. Some traders could see valuable NFT projects such as Doodles and Bored Ape Yacht Club as a store of value while others take advantage of the dip to buy into NFTs. Dragos Dunica who is a co-founder of Dune Analytics noted:

“Investors are currently getting a discount for the most hyped digital asset class, at least on fiat terms. As NFTs maintain their upward trend, this discount might turn into a neat return on investment as crypto prices pick up too.”

Source: https://www.dcforecasts.com/ethereum-news/opensea-records-5b-in-monthly-sales-thanks-to-eth-nft-markets/