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.
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.
- Read More: How To Mint NFTs On OpenSea
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.
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.
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