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OpenSea sets new trading record, hits $3.5B in monthly sales volume By BTC Peers

by Mike Robinson

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© Reuters. OpenSea reaches $3.5B monthly in sales volume, breaking a new trading record

OpenSea launched 2022 with an explosion and has managed to keep this momentum going. OpenSea, the world’s leading NFT market has set a new record in trading volume.

Barely two weeks into January, OpenSea’s monthly trading volume has surpassed the $3.5 billion mark. The latest figure is more than the platform’s previous all-time high of $3.42 billion in August 2021 and its $3.24 billion volume in December. OpenSea has approximately two more weeks before the month ends. It may end January with an estimated sales volume of $5 billion.

So far, the NFT platform’s daily trading volume has topped $169 million in January. It recorded its highest single-day volume, $261 Million on January 9.

OpenSea secured $300 million from Paradigm and Coatue in their Series C financing round. The latest financing saw the company’s valuation climb to $13.3 billion, up from $1.5 billion just six months ago.

Growing CompetitionOpenSea currently holds the title of largest NFT marketplace. But despite their success, first-mover advantages, competition is increasing in this space. LooksRare, one of these Rivals is among many new competitors to the company.

As reported by BTC PEERS, LooksRare launched earlier this month with a “vampire attack” on OpenSea. OpenSea’s biggest spenders were lured by the new NFT marketplace, which offered them LOOKS tokens for free. OpenSea’s trading volumes have been exceeded by LooksRare, and reports claim that LooksRare uses wash trading to exploit its token-based reward system. Its long-term viability is in doubt.

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