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OpenSea starts the year on a high note as NFT trading volume surges
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OpenSea starts the year on a high note as NFT trading volume surges

Saudu Clement
Saudu Clement

Leading NFT marketplace OpenSea is sustaining its momentum from the previous year as the largest platform for digital collectibles. Just a few days into 2022, and the platform has already generated over $700 million in sales, putting it on track for yet another record month.

Thanks to a renewed frenzy for Yuga Labs’ Bore Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs, OpenSea is closing in on the $1 billion mark. According to data posted by “rchen8” on Dune Analytics, January 3 has so far been the biggest day of the year for the NFT marketplace, having seen a whopping 24-hour volume of $255.8 million.

Although some prominent figures in the crypto space such as Wu Blockchain have stated that the January 3 volume is a record high for OpenSea, previous data from rchen8 suggests that the platform’s best day was on August 29 when it saw an all-time high of $322 million.

Bored Apes are the new CryptoPunks

Yuga’s BAYC and MAYC NFTs have begun the year of a very high note. Data shows that MAYC is currently the best-performing NFT project in terms of its seven-day volume on the secondary market, having recorded $93.2 million in sales. BAYC NFTs are following behind with $88.4 million in weekly volume. Comparatively, the highly-coveted CryptoPunks collection is currently in 5th place, with a weekly volume of $30.6 million.

According to OpenSea, the lowest priced BAYC NFT is currently standing at 67 ETH or $250,000, while MAYC NFTs have a floor price of $59,300.

The recent rally around BAYC and MAYC NFTs can be linked to recent purchases from pop-culture icons like rapper Eminem, comedian Dave Chappelle, and musician Britney Spears.