The popular NFT auction marketplace, OpenSea, surpassed the $3.5 billion mark in monthly Ethereum trading volume.
OpenSea Hits New High
According to the latest chart by Dune Analytics on January 17, OpenSea has already clocked in $3.52 billion in terms of monthly Ethereum trading volume, even with two more weeks to go until the conclusion of this month. The platform’s daily trading volume has oscillated between $169-$261 million throughout January.
With the latest milestone, it surpassed the previous high of $3.42 billion in August 2021. In the same month, OpenSea’s monthly fees on Ethereum also hit a new high of $236 million.
Notably, OpenSea’s monthly trading volume figures on Etheruem went downhill over the next few months, eventually falling to $2.37 billion in November. However, the subsequent month saw a substantial recovery with $3.24 billion in sales.
Meanwhile, the new ATH is showing renewed optimism and growth in OpenSea after a blockbuster in 2021. As a result, it is now bringing in over $207 million in fees this month and could soon catch up with the peak reached five months ago.
OpenSea’s Expansion and Ballooning Valuation
Over the past couple of months, OpenSea has emerged as an already established brand with a significant level of popularity. CryptoPotato recently reported that it had crossed the coveted one million mark with respect to active user wallets on the platform.
Earlier this month, OpenSeal announced the conclusion of a $300 million Series C round led by Paradigm and Coatue. The latest capital injection valued the crypto company at $13.3 billion. Going forward, he plans to accelerate product development, improve customer support and security, invest significantly in the broader NFT and Web3 ecosystem, as well as amplify his team.
One of the major reasons for its success was the lack of major competitors. However, this may change in 2022 as many platforms are eyeing this opportunity. The space is still seeing plenty of action which can easily entice newbies such as the recently launched ‘LooksRare’ into this burgeoning world.
