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.
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.
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.
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.
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.
Any advice contained in this website is general advice only and has been prepared without considering your objectives, financial situation, or needs. You should not rely on any advice and/or information contained in this website and before making any investment decision we recommend that you consider whether it is appropriate for your situation and seek appropriate financial, taxation, and legal advice.
© 2022 - Created by Cryptologi.st