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OpenSea records over $2 billion in trading volumes thanks to this NFT collection

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Screen Shot 2022 01 11 at 6.39.17 PM
11
Jan

The first NFT marketplace to be established on the Ethereum blockchain, OpenSea’s trading volume has shot up in the past year. Well, alongside the boom in non-fungible tokens (NFTs). In August, for example, the platform’s total volume was just $1 billion. Fast forward, it continues to record massive yet impressive stats.

The journey continues..

The world’s leading NFT marketplace could certainly break its own record for monthly sales on Ethereum. According to Dune Analytics, the daily volume on ETH has hiked more than the entirety of August 2021, the highest month on record. Here’s a glimpse of the same.

Source: dune.xyz

As per the aforementioned table, the trading volume as of 10 January reached $2.1 billion. Needless to say, continuing the same pace/trend, the marketplace could see record-breaking figures. Maybe even $6 billion by end of this month.

New “bear” in town

Well, different news and developments would have aided the platform to record such figures. But here’s one of the most obvious catalysts. Current trading volume on OpenSea has been driven by the new PhantaBear collection over the past 24 hours. It recorded 17,488 ETH (> $53 million) in sales over the past seven days. Bored Ape Yacht Club is a close second place with 16,657.78 ($51.5 million).

Doodles collection holds the top position in sales across all NFT marketplaces, with nearly $56 million in sales over the past seven days. Aggregated data from CryptoSlam showcases the same. That said, it currently ranks third in trading volume on OpenSea.

Overall, the said development was certainly was welcomed with open arms. But why? Well, due to the popularity of NFTs, some people using OpenSea experienced lag or even a downtime. This was indeed true. Different users highlighted this issue including Wu Blockchain, a famed news agency. The executives (of OpenSea) soon acknowledged the situation. In a released blog post, the team noted:

“We experienced a sustained surge in API traffic that overloaded our systems and resulted in degraded performance and site outages. We will re-architect core parts of our architecture to match current and future demand on our systems.”

Nonetheless, at press time, the obstacles no more exist.

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