Simply put
- January of OpenSea was a record break, with trading volume between Ethereum and Polygon surpassing $ 5 billion.
- With the rise in Bored Ape Yacht Club, Azuki, World of Women and the NBA Top Shot, there were quite a few announced last month in other markets.
reading NFT Marketplace OpenSea generated a total of over $ 5 billion in trading volume during January Ethereum When polygon Sales broke the previous record from August 2021.
public Blockchain Data collected by Dune analysis Shows that OpenSea had over $ 4.95 billion Ethereum Over $ 79 million in addition to January trading volume polygon, Side chain Ethereum scaling solution. Both are monthly records for each platform.
The previous Ethereum peak at OpenSea came in August 2021 As the NFT market expands explosively Following a calm summer, trading volumes exceeded $ 3.4 billion that month. Meanwhile, the market’s previous Polygon record was set at $ 76 million in December as NFT trading on scaling solutions has steadily increased in recent months.
On the Ethereum side, OpenSea had a great day yesterday, January 31st, with $ 233 million worth of NFT trading. This is one of the over $ 200 million four days that Ethereum was traded on the market in January.
OpenSea was originally Seemed to be on track For a bigger finish. However, the DuneAnalytics dashboard, created by Richard Chen, general partner of Venture Fund 1 Confirmation, double-counted transactions sent by new aggregators such as: spirit And jewels.It was Fixed on January 20thAccording to a tweet from Chen, we are cutting the previous trading volume figures.
However, even with the data revised, OpenSea surpassed previous Ethereum records as the NFT market soared further. In early January, OpenSea also announced a $ 300 million Series C round. Valued the company $ 13.3 billion..
But all of January’s OpenSea voyages weren’t going well. Some OpenSea users have confirmed that UI abuse has resulted in high-value NFT collections being sold at a fraction of their estimated value. I paid $ 1.8 million worth of ETH To affected customers.
Also last month, OpenSea announced plans to limit the number of NFTs it can create on its own. Smart contract (That is, computer code) effectively stops some active projects in the track.The news is Encountered an almost universal repulsion And OpenSea has announced that it will reverse the course and instead seek other ways to limit plagiarism and the creation of spam NFTs on the platform.
Rising market
OpenSea is a prominent indicator of the momentum of the NFT market. Continued to skyrocket apart from Rough month of cryptocurrency prices.. Some traders Boring ape yacht club When Doodle As a valuable store as the crypto market declines. Others may be using dips to buy NFTs on a large scale.
Dragos Dunica, co-founder and chief data officer of analytics firm DappRadar, said: Said Decryption The beginning of January. “Since NFTs continue to rise, cryptocurrency prices will also rise, so this discount may lead to a return on investment.”
NFTs act like blockchain-validated certificates of ownership for digital items such as images, video files, and video game items. According to DappRadar data, the market rose to an estimated total trading volume of $ 23 billion during 2021.
That momentum has continued until 2022, and OpenSea isn’t the only platform that saw significant trading behavior in January.The new Ethereum Marketplace Looks Rare Typical exampleBut it comes with a warning.
Launched on January 10th, the marketplace is built around a unique look. token That is Airdrop You are free to choose OpenSea users and attract them to your platform. LOOKS tokens are also paid daily to NFT traders who use LooksRare.
but, Some traders have operated the system By selling NFTs at a very exaggerated price wallet— A form of clothes trading. Collection like Meebits and Terraforms are trading without royalties for their creators and have generated billions of artificially inflated trading volumes through LooksRare over the last few weeks.
Cryptanalysis company as of Friday, January 28 CryptoSlam said It had Identified clothes transactions over $ 8.3 billion With LookRare.When Dune analysis The total trading volume at that time was $ 9.5 billion. This suggests that about 87% of transactions on the site are due to sales manipulated as of that date.
Still, the new NFT marketplace in January could remain active on weekends and Mondays, in addition to legitimate trading volumes in excess of $ 1 billion. And that’s in addition to OpenSea’s unique growing Ethereum activity.
To Solana The blockchain, Magic Eden, the top marketplace, also seems to have spent quite a few months. Dapp Radar numbers At the time of this writing, it suggests trading volumes of over $ 513 million over the last 30 days. This has increased by nearly 89% over the last 30 days.
Largest project
Boring Ape Yacht Club Profile Photo Project — Attracted celebrities Like Justin Bieber and Neymar Jr. in recent weeks, it was arguably the biggest winner of the January NFT collection.
according to CryptoSlamThe main collection generated $ 331 million worth of secondary trading volume last month, an increase of nearly 101% compared to December.Add secondary sales Mutant Ape Yacht Club A collection of boring ape kennel clubs totaling over $ 600 million. In summary, the three projects have totaled over $ 2 billion so far.
Meanwhile, a brand new profile photo project Azuki Since its inception in January, secondary trading volumes have exceeded $ 249 million and the World of Women project has increased by more than $ 1100% last month to over $ 69.5 million. At the beginning of January, World of Women Signed Guy Oseary, a veteran music tycoon To represent it in entertainment and licensing initiatives.
Dapper Labs also had a big month in January. NBA top shot Runs in project- Flow block chain-That notch Best month of secondary trading volume Over $ 59 million since April last year. That’s a 52% increase from December, and Top Shot recorded the most NFT transactions in a month, for a total of over 1.8 million.
Also in January, Dapper Launched UFC Strike Platform The Ultimate Fighting Championship generated $ 5 million by selling 100,000 NFT packs for $ 50 each. The UFC strike will enable trading when the secondary marketplace opens on February 7.
However, not all notable NFT projects surged in January. CryptoPunks The lowest trading volume since June last year was $ 124.2 million, down about 28% from December. CryptoPunks are seen as follows Losing the ground to a boring ape yacht clubThis offers additional perks to owners and has recently seen prominent owners participate.
Moreover, Axie InfinityMajor Ethereum-based games continued their recent decline in NFT trading volumes, dropping to approximately $ 126.5 million in January. That’s a 58% drop from December, a plunge of about $ 754 million from the November aggregate, according to CryptoSlam.
https://decrypt.co/91748/opensea-record-5b-ethereum-nft-market-swells
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