NFT

OpenSea Recorded More Than $2B In Trading Volume As 2022 Started


OpenSea recorded more than $2 billion in trading volume just as 2022 started and it is on track to set a new ATH in terms of monthly trading volume as we can see more today in our latest cryptocurrency news.

The NFT marketplace giant OpenSea is recording some strong numbers after a few days into 2022 with the trading volume reaching a stunning $2 billion. The data from Dune Analytics showed that the leading marketplace’s average daily trading volume in 2022 is over $260 million while the monthly volume recorded already surpassed $2 billion but this figure is yet to cross the all-time high of over $3.5 billion reached back in 2021.

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OpenSea recorded more than $2 billion in trading volume at the start of 2022 but there’s also a possibility that January’s monthly volume could set a new high as well. The latest development came in shortly after OpenSea raised $300 million in Series C funding led by Coatue and Paradigm. The injection of capital brought OpenSea’s valuation to more than $13 billion which is an astronomical rise from the $1.5 billion that was recorded in 2021. As per the platform, the $300 million will be used to achieve targeted objectives like NFT ecosystem investment and robust product development.

There continues to be an increase in demand for various NFT collections and one of them is the Bored Ape Yacht CLub which crossed $1 billion in sales on OpenSea. The milestone was not entirely surprising as it saw the number of celebrities buying various Bored apes. The NBA star Stephen Curry also purchased these NFTs with 55 ETH worth about $180,000 at the time. American rapper Eminem also bought one worth more than $460,000.

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While OpenSea is recording some impressive performance back to back as the company hasn’t been without criticism. After the exit of the platform’s Head of Product, Nate Chastain, the marketplace appointed its chief financial officer back in December. The new CFO Brian Roberts occupied the same position at the US-riding company Lyft. Right after his appointment, Roberts said that considering the success rates of the company, the next logical thing was to take the leading marketplace public. Most in the crypto community however didn’t like this statement, stating that it was disappointing that the platform was not looking to do airdrops. OpenSea was not yet looking to go public and will consult with the community if it runs an IPO.

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