OpenSea trading volume set for record month despite crypto market retreat

OpenSea, the world’s leading NFT market, is preparing to break its own record for monthly sales on Ethereum as daily volumes soar.

OpenSea’s volume of $2.1 billion in non-fungible tokens (NFT) through January 10 is more than half of the total volume for the whole of August 2021, the highest month ever. The volume reached nearly $3.5 billion that month, according to Dune Analytics.

The market is currently on track to reach a trading volume of $6 billion for January if the current trend continues.

The current trading volume on OpenSea was driven by the new PhantaBear group, which recorded sales of 17,124.79 ETH (US$53 million) over the past seven days. Bored Ape Yacht Club ranks second with 16,657.78 ($51.5 million).

Aggregated data from CryptoSlam shows that the Doodles Group is the leader in sales across all NFT markets, with sales of nearly $56 million over the past seven days. It currently ranks third by volume on OpenSea.

Other major factors contributing to OpenSea’s record pace include the number of active users, which at 260,369 is fast approaching an all-time high of 362,679 recorded last month.

OpenSea has shown that there is still a huge amount of room to fill the NFT markets, as volumes have remained high for more than six consecutive months and have crossed $4 billion globally in the past 30 days. In light of this, alternative markets such as the new LooksRare (LOOKS) and Solana’s Magic Eden intend to pull at least a portion of OpenSea’s volume.

Related: OpenSea raises $300 million for a cryptocurrency market

The NFT markets have seen a real revival of interest since the start of the new year. Volumes across all platforms tracked by NFT’s NonFungible market data source show a steady increase since January 1 when daily sales totaled nearly 15,671 items. Between January 7 and 8, sales rose from 13,189 to 36,041 NFTs. Daily sales hit a monthly high of 29,921 NFTs on January 10.