Bored Ape mania on Opensea contributes to high trading volumes

The trading volumes on OpenSea have increased significantly since the beginning of the year. The surge in trading volumes comes amidst renewed trading frenzy on Yuga Labs’ Bored Ape yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

OpenSea is enjoying an influx in trading volumes

Data published by “rchen8” on Dune Analytics noted that since the beginning of 2022, OpenSea’s trading volumes had surpassed $700 million. The highest volumes were recorded on January 3, where the 24-hour trading volumes peaked at $255.8 million.

One of the renowned crypto analysts, Wu Blockchain, stated that the volumes recorded on January 3 were an all-time high for OpenSea. However, this analysis conflicts with rchen8, noting that OpenSea’s reco0rdhigh daily trading volumes were $322 million.

In December, the monthly volumes on OpenSea came in at $3.24 billion, which was 5.3% below the platform’s record high set in August. However, this ATH could be broken in January, given that in just four days of this month, the platform has recorded over $700 million in trading volumes.

Bored Ape NFT trading craze

One of the reasons why the trading volumes on OpenSea are soaring is the recent trading craze on BAYC and MAYC NFTs. Other projects from Yuga Labs are also recording increased interest.

According to CryptoSlam, MAYC is currently the top-ranking NFT project in weekly volumes on secondary markets. The volumes come in at $93.2 million, while the volumes on the BAYC NFT come in at $88.4 million.

Over the past month, the MAYC and the BAYC projects have generated revenues of $189.7 million and $182.6 million each. Over the past 24 hours, MAYC has generated secondary trading volumes of $18.7 million, while the BAYC has generated volumes of $14 million.

Data from OpenSea also shows that the average price of the BAYC NFT is 67 Ether, which is worth $250,000. On the other hand, the MAYC NFT is valued at 15.87 Ether tokens, is around $59,300

This month alone, notable celebrities have taken part in the BYAC NFT trading mania. These include hip-hop star Eminem, Britney Spears, and Comedian Dave Chapelle. The three have bought BAYC NFTs for six-figure sums.

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