Thursday, July 25, 2024

OpenSea surpasses $3.5 billion in monthly Ether trading volume, breaking the previous record.

On Sunday, OpenSea recorded an all-time high of $261 million in trading volume after averaging $169 million every day this month. With this, they leave their previous records in the dust and strive to do even better.

With 2 weeks still remaining in January, they have already exceeded the $3.5 billion trade volume in Ether (ETH) itself. Dune Analytics said that the previous record high was seen in August of 2021 at $3.42 billion. This is the first time the $3.5 billion mark has been crossed.

The price increase in the Bored Ape Yacht Club NFTs can be said to be directly responsible for OpenSea reaching these new highs. Its sibling collections like the Mutant Ape Yacht club and also the Bored Ape Kennel Club also saw a price hike. Many of the Bored Aoe Kennel Club NFTs are actually owned by celebrities and retain their value very well.

In the last 24 hours itself, 14,036 ETH were traded on the platform just to buy these NFTs. OpenSea was also able to secure series C funding for themselves. The $300 million investment was made by Coatue and Paradigm, two capital firms.

The money will be used to better their services and constantly upgrade their network as it is right now. Since new players come into the game almost every day, it is very important to innovate and upgrade themselves constantly.

If you have been planning to get NFTs, right now is the best time to do so and OpenSea is “THE” platform for you.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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