Shade D.
Shade D.
Feb 02, 2022

OpenSea Hits The Record $5B in Monthly Sales

tl;drThe wider NFT sector is expanding, as OpenSea breaks records, LooksRare makes waves, and Bored Apes rides celebrity attention.
OpenSea Hits The Record $5B in Monthly Sales
OpenSea Hits The Record $5B in Monthly Sales
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OpenSea Shines in the Dark Crypto Days

Despite a dark month for cryptocurrency prices, OpenSea is a leading indicator of the NFT market's momentum, which has continued to rise. As the crypto market declines, some traders may perceive valuable, blue-chip NFT projects like the Bored Ape Yacht Club and Doodles as a store of value. Others may be taking advantage of the price drop to make a large investment in NFTs.

OpenSea and Soaring Trading Volume

According to the Decrypt report, OpenSea, the top NFT platform, generated more than $5 billion in total trading volume between Ethereum and Polygon sales in January, beating the previous record in August 2021. OpenSea had over $4.95 billion in Ethereum trade volume in January, according to public blockchain statistics compiled by Dune Analytics, plus over $79 million on Polygon, an Ethereum sidechain scaling solution. Both records are for a single month on each platform.

Previous High Sales in OpenSea

The previous high point for OpenSea was in August 2021, when the NFT market exploded after a subdued summer, with a monthly trading volume reaching $3.4 billion. While NFT trading on the scaling solution has progressively increased in recent months, the previous Polygon record was set in December with $76 million.

OpenSea on the Ethereum Front

On the Ethereum front, OpenSea had its best single day in months yesterday, January 31, with $233 million worth of NFT trading. It’s one of four single days above the $200 million mark for Ethereum trading in January for the marketplace, and celebrities are being absorbed in NFTs markets.

Last But Not Least

This year, the market for Non-Fungible Tokens (NFTs) is likely to continue growing rapidly. According to recent reports, everyone is absorbed in the NFT world, from celebrities to common folks. To make a better investment with significant returns, we need to go with the tide when it comes to NFTs. For the most up-to-date information, visit Cryptologi.st. We'll give you all the details you need to make confident crypto decisions.

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