OpenSea Trading Volumes Smash Records
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OpenSea Trading Volumes Smash Records

8 months ago

January's total figure is likely to go much, much higher — not least because there's still two weeks to go before the month is over.

OpenSea Trading Volumes Smash Records

OpenSea's monthly trading volume has hit a new all-time high.

According to data from Dune Analytics, non-fungible tokens worth $3.7 billion have changed hands through the platform this month.
That eclipses the previous record of $3.4 billion that was set back in August 2021.

January's total figure is likely to go much, much higher — not least because there's still two weeks to go before the month is over.

Although the crypto markets have been rather subdued since the start of the year, demand for NFTs shows no sign of subsiding.

It comes as a number of big brands begin to embrace non-fungible tokens for the first time — and although mainstream adoption is growing, OpenSea is beginning to face increased competition from rivals.

One upstart, LooksRare, already claims to have higher trading volumes — all while offering a higher degree of decentralization. However, there is a suggestion that figures are being inflated through wash trading.

In the coming months, OpenSea's market share could be sapped further as legacy entertainment brands launch their very own marketplaces.

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