- Open Seas to see another phenomenal month as its volume breaches $2.1 billion through Jan 10.
- PhantaBear NFT fueled the growth in January, recording $53 million in sales.
- Open Seas registers its all time high of 362,679 users.
Even Though, cryptomarkets have been in a gully for quite a few weeks now, trying to discover optimum highs. However, the recently famous tokens of exclusivity, the NFTs & its markets are reportedly skyrocketing after many celebrities decided to own & mint their own tokens.
The world’s leading marketplace for purchasing NFTs stands the OpenSeas, which is about to break its own record under its subset of its monthly sales as it also records its highest number of active users.
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Previously, OpenSeas recorded its best month in Aug 2021, in terms of volume. However the decentralized exchange is set to break its previous highs as it has already breached the $2.1 through Jan 10, 2022. As it has covered more than 50% of its previous high within just 10 days since the beginning of the month, OpenSeas is set to record another high in the first month of 2022. At current volumes of transactions, the exchange could record at least $6 billion in trading volume by the end of Jan 2022.
The top contributor to OpenSea’s volume happens to be the latest release of PhantaBear’s NFT collection, which yielded $53million worth of NFT sales in the past 7 days by transactional volume of 17,124ETH. Phanta bear is a collection of NTFs that are algorithmically generated while each token has its unique set of traits etc.
Bored Ape Yacht club happens to secure the 2nd position under the weekly inflow of transactional volume while it sold $51.5 million (17,124ETH) worth of NFTs. However, according to aggregated data from CryptoSlam, it is noted that Doodles collection of NFTs has been the most bought collections across all NFT exchanges over the past 7 days as it has sold more than $56 million worth of NFTs. Currently, Doodles is trading at 3rd position on the open seas exchange.
Another data from Dune analysis portrays the pace of growth that OpenSea is currently witnessing in terms of active users where the 260,369 users recorded in the past has currently surged up to $362,679 as of Dec 2021.
While the NFT season is currently blooming across the world, OpenSeas & Ethereum are currently the largest beneficiaries & contributors to the space, however there exists an emerging competition as new exchanges like LooksRare & Solana’s own Magic Eden exchanges look forward to catching up with the OpenSeas.
Source: https://www.thecoinrepublic.com/2022/01/12/despite-bear-markets-openseas-set-to-achieve-another-record-month/