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Monthly sales volumes on the OpenSea NFT platform may set a new record, which indicates the possibility of the NFT sector becoming independent of the fall in the Bitcoin price
In the first half of January, OpenSea volumes were almost $2.7 billion, according to Dune Analytics, giving it a good chance of surpassing August’s high of $3.4 billion. On January 9, the site recorded a record daily sales of $261 million. During each January day, trading volume on OpenSea exceeded $150 million.
The increase in NFT trading volumes may be driven by higher prices for the Bored Ape Yacht Club collection and sister collections Mutant Ape Yacht Club and Bored Ape Kennel Club. The Bored Ape Yacht Club collection alone accounts for about 10% of OpenSea’s volume.
It is worth noting that OpenSea is being competed by the recently emerged decentralized NFT platform LooksRare, whose sales in 3 days amounted to almost $400 million.
Another possible explanation for the skyrocketing trading volume was the launch of the Genie NFT marketplace aggregator, which gave wealthy speculators the ability to buy and sell multiple NFTs in a single transaction, saving time and transaction costs.
The OpenSea NFT platform appeared in 2017 and is the largest on the market. It recently raised $300 million in funding and is now valued at $13.3 billion, although back in July it cost almost 10 times less ($1.5 billion).
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