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Monday, August 15, 2022

OpenSea Trading Volume Is All Set For Record Month

OpenSea, the world’s leading marketplace for NFT, has been pretty set for breaking its own record for monthly sales with Ethereum surging. The trading volume of NFTs through the 10th of January for the marketplace has been $2.1 billion, which is more than half the total trading volume for the entirety of August, with the highest month coming on record.

The total volume locked reached around $3.5 billion in that month, as stated by Dune Analytics. The marketplace is currently on its pace to reach the top $6 billion in trading volume for the current month- if the trend continues.

OpenSea Might Break Its Own Record 

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The current volume of trading for OpenSea has been primarily driven by the new PhantaBear collection, which managed to record around $53 million in sales over the last seven days. Bored Ape Yacht Club comes a close second at around $51.5 million.

According to the data aggregated from CryptoSlam, it has been highlighted that the Doodles collection is the leader in sales across every NFT marketplace, with around $56 million set aside for sales over the last seven days. Currently, Doodles ranks third in its trading volume on the marketplace. 

OpenSea has projected that there is still a massive amount of room left to fill for the marketplaces of NFT, as most trading volumes have remained pretty high over the last six months straight while surpassing a sum of $4 billion globally over the last 30 days.

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In light of that, alternative marketplaces such as the new LooksRare as well as Magic Eden of Solana do intend to siphon off at least a little portion of the volume of the largest NFT marketplace on earth. 

Several NFT markets like OpenSea have experienced quite a resurgence in interest since the beginning of this year. The total volumes across every single platform that has been tracked by NFT market data source NonFungible do show quite a steady increase since the 1st of January. 

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