OpenSea NFT Trading Volume Soars as the Bored Ape Hype Intensifies

OpenSea NFT Trading Volume Soars as the Bored Ape Hype Intensifies
Photo by Max Böhme / Unsplash

Trading volumes of nonfungible tokens (NFTs) on the popular marketplace OpenSea have been increasing in January, owing to a renewed speculative frenzy on Yuga Labs' "Bored Ape Yacht Club" (BAYC) and "Mutant Ape Yacht Club" (MAYC) projects (MAYC). As a result, OpenSea has generated more than $700 million in trade volume since the start of 2022, according to data provided by Rchen8 on Dune Analytics, with Monday the 3rd of January being the busiest day of the year with a stunning $255.8 million in 24-hour activity.

While some observers, such as Wu Blockchain, have claimed that the volume on Monday was a new high for OpenSea, earlier data from Rchen8 on Dune Analytics shows that the all-time high (ATH) for the token was $322 million on the 29th of August. In addition, OpenSea's monthly volume exceeded $3.24 billion in December 2021, falling only 5.3% short of the platform's all-time high of $3.42 billion in August 2021. With more than $700 million worth of trading activity on the NFT marketplace in the first four days of January, the record highs could be broken soon if the pace continues throughout the month.

Also Read: OpenSea freezes $2.2M of stolen Bored Apes After NFT Theft

According to CryptoSlam, the MAYC is presently the top-ranked NFT project in terms of seven-day volume on secondary markets, with $93.2 million, followed by the BAYC NFTs with $88.4 million. In addition, the MAYC and BAYC projects have earned $189.7 million and $182.6 million in the last 30 days, respectively, making them the third and fourth most valuable NFT collections at the time of writing.

The MAYC has created $18.7 million in secondary volume in the last 24 hours, while the BAYC has generated $14 million. According to OpenSea, the current floor price for BAYC NFTs is a whopping 67 Ether (ETH), or $250,000, while MAYC NFTs are presently selling for 15.87 ETH, or $59,300. In addition, several pop-culture icons, including rapper Eminem and comedian Dave Chappelle, have reportedly purchased BAYC NFTs for six-figure sums so far this month.

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