OpenSea Scores ATH of $3.5B in Monthly Ethereum Trading Volume

The fashionable NFT public sale market, OpenSea, has surpassed the $3.5 billion mark in month-to-month Ethereum buying and selling quantity.

OpenSea Hits New High

According to the most recent chart by Dune Analytics on January 17, OpenSea has already clocked in $3.52 billion by way of month-to-month Ethereum buying and selling quantity, even with two extra weeks to go till the conclusion of this month. The platform’s each day buying and selling quantity has oscillated between $169-$261 million all through January.

With the most recent milestone, it surged previous the earlier all-time excessive of $3.42 billion in August 2021. During the identical month, OpenSea’s month-to-month charges on Ethereum additionally touched a brand new excessive of $236 million.

Notably, OpenSea’s month-to-month buying and selling quantity figures on Etheruem went downhill over the subsequent few months, finally falling to $2.37 billion in November. However, the following month noticed a considerable restoration with $3.24 billion in gross sales.

Meanwhile, the brand new ATH demonstrates renewed optimism and development in OpenSea after a blockbuster 2021. As a consequence, it’s now hauling in over $207 million in charges this month and should quickly meet up with the aforestated excessive reached 5 months in the past.

OpenSea’s Expansion and Ballooning Valuation

Over the previous couple of months, OpenSea has emerged as an already established model with a major degree of recognition. CryptoPotato lately reported that it had crossed the coveted a million mark with respect to energetic person wallets on the platform.

Earlier this month, OpenSeal introduced concluding a $300 million Series C spherical led by Paradigm and Coatue. The newest capital infusion valued the crypto agency at a whopping $13.3 billion. Moving ahead, it plans to speed up product improvement, improve buyer assist and security, meaningfully put money into the broader NFT and Web3 ecosystem, in addition to amplify its workforce.

One of the foremost causes for its success was the shortage of main opponents. However, this will change in 2022 as many platforms are eyeing this chance. The area remains to be seeing loads of motion which may simply entice newbies such because the lately launched ‘LooksRare’ into this burgeoning world.