With over $2 billion worth of NFTs changing hands in January, OpenSea is on track to set a new monthly trading volume record.
The OpenSea NFT marketplace is built on Ethereum, and it allows users to trade, exchange, and create NFT assets directly from the platform. ETH and other blockchains are used to track NFTs, and all purchases are made using cryptocurrency.
With OpenSea, users can buy or sell items using smart contracts. This dominant NFT marketplace has already reached $2 billion in trading volume a few days into 2022.
It is estimated that the leading marketplace’s daily trading volume so far in 2022 has been over $260 million. In January, the monthly volume has surpassed $2 billion but has not yet crossed the all-time high (ATH) of nearly $3.5 billion.
The latest development comes just a few weeks after OpenSea raised $300 million in a Series C funding round led by Coatue and Paradigm. With the volume recorded just ten days into 2022, there is a possibility that January’s monthly volume might set a new ATH.
As a result of the fresh capital injection, OpenSea is now valued at over $13 billion, an astronomical rise from $1.5 billion in July 2021. According to the platform, efforts will include investing in the NFT ecosystem and developing robust products using the $300 million.
The popularity of various NFT collections continues to grow, including the popular Bored Ape Yacht Club (BAYC). BAYC crossed $1 billion in sales through OpenSea.
A number of celebrities purchased various Bored Apes. NBA star Stephen Curry bought an NFT with 55 ETH (worth $180,000 at the time). Rapper Eminem recently purchased one worth over $460,000. 101 BAYC NFTs sold on Sotheby’s in September 2021 for $24 million.
OpenSea has recorded some impressive performances consecutively, but the company has not been immune from criticism. Due to allegations of insider trading, the marketplace’s Head of Product, Nate Chastain, exited the company in December. In January, the marketplace then appointed its first-ever Chief Financial Officer (CFO).
Brian Roberts, the new CFO, previously worked at the US ride-hailing company Lyft. Shortly after joining the company, Roberts said that considering the company’s success rate, it was a logical decision to go public.
Roberts did not take kindly to the CFO’s statement, stating that it was disappointing that the platform did not plan to do token airdrops. The CFO then tried to clear the air, stating that his comment had been misunderstood. OpenSea was not yet considering going public and would consult with the community if it were to do so.
