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NFT Marketplace OpenSea Records All-Time High in Monthly Ethereum Volume

ethereum price rally

Popular non-fungible token (NFT) marketplace has recently exceeded $3.5 billion in monthly Ethereum trading volume, making this the new all-time high record.

OpenSea surpassed its previous all-time record of $3.42 billion back in August last year, as well as $3.24 billion in sales back in December. So far, the marketplace’s January trading volume has exceeded $169 million each day — the highest single-day volume being $261 million on January 9.

Bored Ape Yacht Club — which has significant number of celebrity owners — is still dominating the NFT collection list on OpenSea in regards to trading volume, with around $44 million traded in the past 24 hours.

During early January, OpenSea announced a $300 million Series C funding round led by Paradigm and Coatue. With this latest funding, OpenSea’s valuation has been brought to $13.3 billion. The new capital is expected to be used for new product development and team expansion.

While OpenSea has been showing signs of strong performance, that does not mean that it can rest easy. According to Dune Analytics, an emerging NFT marketplace LooksRare has already beat OpenSea in terms of trading volumes.

However, if there is anything that hinders LooksRare from truly besting OpenSea, it is the fact that early reports indicated LooksRare being rife with wash trading in order to manipulate the platform’s token-based rewards system.

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