OpenSea trading volume surges in January as Bored Ape craze hits new height

• The recent boom has been linked to the renewed speculative frenzy of the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC).

• From January to July 2021, the marketplace processed an average of $106 million worth transactions according to DappRadder.

Since its launch in 2017, OpenSea (an NFT Marketplace) has controlled most of the NFT sales and facilitated over $10 billion in transactions. In 2021, the revenue generated compared to that of eBay and topped Etsy. According to recent reports, the marketplace is still controlling the NFT sales in 2022. Data posted by “rchen8 ” discloses that OpenSea has generated over $700 million worth of trading volume so far this year. 

The 24-hour trading volume on January 3 was about $255.8 million according to the data. The trading boom this January is said to be on the right track to surpass the December $3.24 billion volume. 

Bored Ape Yacht Club and Mutant Ape Yacht Club linked to the boom

The recent boom has been linked to the renewed speculative frenzy of the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC). 

According to CryptoSlam, MAYC emerges as the top-ranked NFT in terms of seven-day volume with $93.2 million, followed by BAYC ($88.4 million). MAYC has also recorded $18.7 million in terms of 24-hour volume followed by BAYC with $14 million. In the past 30 days, MAYC has generated $189.7 million with BAYC generating $182.6 million. This makes them the third and the fourth-highest NFT collections. Currently, the price floor for BAYC on OpenSea is 67 Ether with MAYC going for 15.87 Ether. 

It is interesting to note that OpenSea did not start 2021 with such impressive transaction records. From January to July 2021, the marketplace processed an average of $106 million according to DappRadder. This increased by 1025 percent from July to hit $3.4 billion in August. Prior to July, Demand was causing a rising gas fee, but was addressed by integrating with Polygon, an Ethereum layer 2 side chain. This resulted in cheaper and faster transactions. Overall, its sales volume increased by 14,500 percent between 2020 and 2021. 

Eminem purchases Bored Ape for $450k on OpenSea

Eminem, a highly rated American rapper is reported to have purchased a Bored Ape NFT that looks like himself for $425,000. The NFT dubbed EminApe was uploaded by a BAYC member called GeeGazza and had always waited for the rapper to buy. He once called on the rapper on Twitter to consider owning it. 

I still think @Eminem is destined to buy my @BoredApeYC one day. pic.twitter.com/JuoNdE446Q

— GeeGazza  (@Gee__Gazza) November 2, 2021,

According to reports, digital agency Six helped secure the sale. It has previously worked with a couple of celebrities including Tycho, Wu-Tang Clan, and Galantis. Under the name Shady Holdings, Eminem currently owns 15 NFTs on OpenSea. This adds up to the list of several pop-culture superstars like Britney Spears and comedian Dave Chappelle purchasing BAYC NFTs for six-figure amounts this year. This year has been predicted to record a massive boom for NFT as more celebrities and institutions get involved.