OpenSea Records Over $2 Billion in Trading Volume Early in 2022

NFT market big OpenSea is recording spectacular numbers a number of days into 2022, with the platform’s buying and selling quantity already at a whopping $2 billion.

OpenSea Heading Towards New Monthly Volume ATH

Data from Dune Analytics confirmed that the main market’s common every day buying and selling quantity to date in 2022 is over $260 million. While the month-to-month quantity recorded in January has already surpassed $2 billion, the determine is but to cross the all-time excessive (ATH) of over $3.5 billion reached again in August 2021.

Meanwhile, with the quantity recorded simply ten days into 2022, there’s a chance that January’s month-to-month quantity may set a brand new ATH. The newest growth comes shortly after OpenSea raised $300 million in a Series C funding spherical, led by Coatue and Paradigm.

The contemporary injection of capital introduced OpenSea’s valuation to over $13 billion, an astronomical rise from $1.5 billion recorded in July 2021. According to the platform, the $300 million might be used to attain focused aims, together with funding within the NFT ecosystem and strong product growth.

There continues to be an rising demand for numerous NFT collections, considered one of them being the favored Bored Ape Yacht Club (BAYC). As earlier reported by CryptoPotato, BAYC crossed $1 billion in gross sales on OpenSea.

The milestone was not fully stunning, seeing as numerous celebrities purchased numerous Bored Apes. NBA star Stephen Curry bought such an NFT with 55 ETH (price $180,000 on the time). American rapper Eminem additionally lately purchased one price over $460,000. Back in September 2021, 101 BAYC NFTs auctioned on Sotheby’s offered for $24 million.

NFT Marketplace Giant Navigating IPO Controversy

While OpenSea has been recording some spectacular performances again to again, the corporate has not been with out criticism. Following the exit of the platform’s Head of Product, Nate Chastain, on reported allegations of insider buying and selling, {the marketplace} appointed its first-ever Chief Financial Officer (CFO) in December.

The new CFO, Brian Roberts, beforehand occupied the identical place on the US ride-hailing firm, Lyft. Shortly after his appointment, Roberts stated that contemplating the success price of the corporate, the logical factor was to contemplate taking the main market public.

However, many within the crypto group didn’t take kindly to the CFO’s assertion, stating that it was disappointing that the platform was not trying to do token airdrops. Roberts instantly tried to clear the air, saying that his remark was misunderstood.

According to the manager, OpenSea was not but trying to go public and would seek the advice of with the group if it ought to do an IPO.