OpenSea NFT Marketplace Crosses $3.5B in Monthly Ether Trading Volume

The NFT market is overflowing with business as the OpenSea marketplace sets a new record for the daily trading volume. The platform recently recorded 261 million dollars worth of trade in one day. OpenSea has noted an average of 169 million dollars in daily trading volume across January.

The latest record took the marketplace’s monthly Ether trading volume across 3.5 billion dollars. According to this popular Ethereum price prediction, it has the potential of reaching a level of $7500.

This is the first time OpenSea has crossed 3.5 billion dollars in daily trading volume for Ether. As per Dune Analytics, OpenSea previously achieved similar numbers in August 2021 when the platform recorded 3.42 billion dollars in Ether trading volume.

The month still has two weeks left, offering a great opportunity for the marketplace to hit a new record. The most prevalent reason behind the surge looks to be the value increase in BAYC (Bored Ape Yacht Club)and its subsidiaries BAKC (Bored Ape Kennel Club) and MAYC (Mutant Ape Yacht Club).

BAYC is known for its celebrity owners and is currently the most renowned NFT collection on the OpenSea marketplace. It holds over 14,306 Ether, amounting to 47 million dollars in the past 24 hours. The platform also released a 300 million dollars Series C finance round earlier this month.

Names like Coatue and Paradigm led the round, which brings OpenSea’s valuation to 13.3 billion dollars. However, OpenSea is not the only growing marketplace in the market as names like LooksRare are garnering viable traction as well. In other news, a 22-year old student from Indonesia became a millionaire by selling selfies as NFTs on OpenSea.