The NFT Craze Won’t Slow Down Yet as OpenSea Sales Set for Record Month

Collectors at the world’s largest collectibles marketplace OpenSea remain unfazed by the crypto market retreat, as NFT sales stay on course for a record month.
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Quick take:

  • OpenSea is on course to exceed its record for monthly NFT sales in January.
  • The world’s largest collectibles marketplace has already locked in $2.1 billion.
  • This is more than half the current monthly record of about $3.5 billion set in August 2021.

While the rest of the crypto industry continues to retreat, the NFT craze goes on at OpenSea. Collectors at the world’s largest NFT marketplace are unfazed by the continued correction of the general cryptocurrency market as sales continue to rise. 

Based on the $2.1 billion NFT sales already locked in this year, OpenSea remains on course for a record month in January, substantially eclipsing the $3.42 billion registered in August 2021.

If collectors don’t slow down between now and the end of the month, OpenSea could easily set a new monthly sales record of $6 billion. 

According to data compiled by NFT analytics platform Dune Analytics, OpenSea daily sales topped $169 million and $176 million on Monday and Tuesday, respectively.  These figures are only for transactions completed using Ethereum wallets.

The platform is also on course to exceed the number of NFTs sold in a single month, registering north of 877k this month. The current record of 1.7 million was set in September last year.

The combined OpenSea and seller NFT gas fees have also rocketed at the start of the year, crossing $139 million, and well within reach of the current record of $236.5 million set last August. 

The marketplace is now closing in on 280k monthly active traders, while total traders over time have crossed 978k.  

OpenSea’s current trading volume is driven by the newly launched PhantaBear collection, which locked in 17,124.79 ETH (~$53 million) in sales over the past seven days.

The Bored Ape Yacht Club, Doodles and Mutant Ape Yacht Club follow in second, third and fourth respectively, with OxyaOriginaProject wrapping up the top collections on OpenSea.

CryptoSlam, a platform that tracks NFT sales across multiple marketplaces, has Meebits and Loot, topping the 7-day sales list with $151 million and $61 million, respectively, with the OpenSea top five following in the same order.

OpenSea was recently valued at about $13.3 billion after completing a $300 million capital raise in a Series C funding round. The platform continues to attract more traffic with over $4 billion in sales locked over the last 30 days.

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