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OpenSea trading volume set for Cryptocurrency market

OpenSea trading volume set for Cryptocurrency market

The world’s largest NFT marketplace is on track to beat its record for trading volume, with trade volume expected to exceed $6 billion by the end of the month.

As daily volumes have been soaring, OpenSea trading volume, the world’s top nonfungible token (NFT) platform, is poised to shatter its record for monthly Ethereum sales.

According to Dune Analytics, other important variables contributing to OpenSea’s record pace include the number of active users, which at 260,369 is swiftly nearing the all-time high of 362,679 sets last month.

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Alternative market vs. OpenSea trading volume

Trading volumes on OpenSea have stayed strong for over six months and have reached $4 billion globally in the last 30 days, demonstrating that there are still many areas to fill for NFT markets. Alternative markets such as the new LooksRare and Solana’s Magic Eden plan to suck out at least a percentage of OpenSea’s traffic in light of this.

Since the start of the year, the NFT markets have seen a significant increase in interest. Since Jan. 1, when daily sales hit roughly 15,671 items, volumes across all platforms tracked by top NFT market data source NonFungible.com have steadily increased. Sales increased from 13,189 to 36,041 NFTs from Friday to Saturday. As a result, monthly sales reached a new high.

While the nonfungible token (NFT) market has taken over all collections, Metaverse and Gaming will gain pace as the next frontier in collectibles.

OpenSea trading volume said that it had raised $300 million in a Series C round headed by Coatue and Paradigm to help it realize its ambition.

OpenSea is a digital market based on the Wyvern Protocol, which consists of custom-built Ethereum smart contracts explicitly designed to purchase and sell unique digital goods. The marketplace first opened its doors in 2018.

OpenSea market exist more investors

As a result of the current investment, OpenSea’s market capitalization has surpassed $13.3 billion. According to OpenSea trading volume, the round was attended by several new existing investors in addition to Paradigm and Coatue.

According to the company, the money will be used by OpenSea trading volume to develop its product further, improve customer support and security, invest in the larger NFT and Web3 communities, and recruit additional people.

NFTs were critical to Cryptocurrency and Blockchain’s mainstream acceptance in 2021. OpenSea has generated more than $700 million in trade volume since the beginning of 2022.

At the time of writing, the cheapest Bored Ape NFT for sale is 53.9 Ether (ETH), or $215,067, while the cheapest CryptoPunk is 52.69 ETH, or $210,239, according to CoinMarketCap.

The prospect of Bored Ape flipping CryptoPunks in terms of NFT floor price was discussed over the past month. We performed a deep dive into the different reasons that might influence the value of one collection over the other earlier this week. Whether the owners prefer intellectual property rights or specific partnerships and collaborations, the community is the driving force behind every NFT initiative, “blue chip” or not.

There are a few key distinctions between the two collections to keep in mind. First, CryptoPunks’ creators, Larva Labs, were the first to produce NFTs in 2017. The project has historical significance and has dominated the market in terms of trade volume for a long time. It’s also a lot about the brand.

CryptoPunks and OpenSea trading volume

Only the firm, not the owners of CryptoPunks, can utilize their avatar for marketing, commercial, or brand reasons. However, larva Labs and UTA, a Hollywood agency, have signed an agreement to exploit CryptoPunks’ image in mainstream media.

This firm behind the Bored Ape Yacht Club, Yuga Labs, is more practical and community-focus. As a result, bored Apes’ attention and appeal have expanded, as has the price of its collection, thanks to frequent collaborations like the most recent with Adidas Originals and rising recognition among mainstream media and celebrities. Moreover, thanks to Yuga Labs’ early provision of exclusive intellectual property rights, ape owners also enjoy fundamental creative and commercial freedom over their products.

The fact that BAYC NFTs’ floor price has surpassed CryptoPunks’ for the first time indicates that the public is optimistic about BAYC’s future. Furthermore, in contrast to CryptoPunks’ steady decline, the floor price has steadily increased in recent months.

What was the latest Opensea update?

According to an October statement, the Bored Ape Yacht Club wants to issue its coin in Q1 2022.

Malone did not appear to profit from their marketing because he did not pay for the NFTs with his own money. The address received 175 ETH from MoonPay, which owns two Bored Apes NFTs on the OpenSea trading volume and NFT marketplace in two different transactions. The money was instantly spent on OpenSea’s BAYC NFTs, leaving Malone with a 15 ETH ($64,000) balance.

Bored Ape Yacht Club, founded by Yuga Labs in April 2021. Also, it’s one of the most successful NFT enterprises, with over $1 billion in trade since its start. After Mutant Ape Yacht Club and Axie Infinity, BAYC is the world’s third-largest NFT collection at the time of writing. According to data from CryptoSlam, BAYC had over $12.6 million in daily trade volumes at writing.

With projects like the digital metaverse band Kingship preparing to play utilizing four NFTs from the collection. Drawing influence from the cartoon band Gorillaz, BAYC has recently expanded in popularity in the music business.

Sum-up about OpenSea trading volume

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References:
https://cointelegraph.com/news/opensea…

https://kqeducationgroup.com/opensea-trrading-volume-set-for-record…
https://infinityweb.co.in/ope.nsea-trading-volume…

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