OpenSea Breaks Records As Monthly Sales Volume Hits $5 Billion In January

The booming NFT marketplace OpenSea has once again smashed multiple records as its monthly sales volume hit a staggering $5 billion in January, according to data from Dune Analytics.

The majority of NFT sales came from Ethereum, with a smaller amount through Polygon. These had a total trading volume of $4.95 billion and $79 million, respectively.

This comes at a time when some of the top NFT projects are reaching new highs. The Bored Ape Yacht Club NFTs hit a floor value of over 100 ETH earlier this month, for example.

OpenSea Attracts $5 Billion in Monthly NFT Sales.

According to Dune Analytics, OpenSea had the most riveting January in terms of monthly sales. The data reports that OpenSea experienced $4.95 billion worth of ETH-based trading up to the end of the month.

The data further reported that the NFT marketplace had the best single-day spike on January 31, when OpenSea noted nearly $233 million worth of NFT trading.

The staggering sales volume reported by OpenSea indicates an optimistic outlook of investors towards the NFT domain. Soaring NFT trading volumes imply increased user interest and are an excellent benchmark of how NFT investments have evolved into a legitimate asset class.

OpenSea also hosts some of the most popular and celebrated NFT projects including CryptoPunks, Doodles, and Bored Ape Yacht Club NFTs, which have recently garnered immense traction due to their unique characteristics and additional investor/owner privileges.

Other popular NFTs and new NFTs on Opensea have surged greatly in terms of the trading volume. These include Azuki, Clone X-X Takashi, and Mutant Ape Yacht NFTs.

However, OpenSea's road to success hasn't been a smooth ride considering the latest controversy that landed OpenSea into trouble. The NFT marketplace had to reimburse $1.8 million to users concerning fake NFT listings errors. In January, users criticised OpenSea's plans to limit collection sizes using its smart contract, leading to a reversal.

Launched in 2017, OpenSea has since then grown tremendously in scale, boasting a market valuation of $13.3 billion.

For more articles like this, take a look at our Planet Crypto page.