OpenSea is the leading NFT marketplace. It generated $5 billion last month. This was distributed across both Polygon and Polygon blockchains. Sales in January surpassed the previous record of $3.4 Billion set in August 2021.

Dune Analytics has compiled the blockchain data that led to these record-breaking numbers. According to Dune Analytics data, OpenSea had the vast majority of its January trading action – more than $4.95 billion – occur on Ethereum. Last month’s record volume was broken by the Polygon network.

Dune Analytics data showed that these revenue splits were single month records for each network. Further, OpenSea’s best day in months was January 31, when it had NFT trading of $233 Million. It amounts to almost $10 million in NFT sales an hour.

The volume of OpenSea sales is important because it’s an excellent indicator of the strength and growth of the NFT marketplace, which doesn’t seem to be slowing down at all. Although the original NFT explosion was driven by excitement about the new technology, the market is continuing to grow due to other applications. In particular, users are purchasing low-tier NFTs to flip for higher prices every day, much like contractors who flip old real estate.

There’s also high demand among high earners who have moved funds from beaten cryptos to buy up blue-chip NFT assets. The thinking behind targeting high-end projects such as Doodles, CryptoPunks, and Bored Ape Yacht Club – to name a few – is that they are a store of value during these high-inflationary times we’re currently living. A top-tier NFT is analogous to an original Dali or Picasso work of art.

OpenSea was also hit hard in January. The leading NFT bazaar refunded approximately 750 Ethereum (ETH) – roughly equivalent to $1.8 million U.S. – to users on its platform who mistakenly sold pricey NFTs at deep discounts. What happened was that traders of valuable NFTs, which were priced on OpenSea for tens of thousands and hundreds of thousands of dollars worth of ETH – got snatched by some rogue shoppers using sleight of hand buys on inactive listings for the same NFTs. Sneaky buyers made huge savings by buying the older listings for a bargain price. Alex Atallah (OpenSea founder) posted this tweet to Twitter before the reimbursements were issued.

It’s difficult to tell if this trading debacle has been fully resolved, but don’t be surprised if some disgruntled sellers initiate some type of legal action regarding this open matter with OpenSea. But don’t feel too badly for the OpenSea team, they’ll be able to afford any potential legal bills after last month’s sales surge.

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