The NFT industry remains one of the rapidly growing digital assets for the tokenization of works of art and other physical objects of value. Their design comes with the same programming as other cryptocurrencies, but they are not interchangeable.
Recent reports on OpenSea indicate a significant increase in non-fungible token transaction volumes on the platform. This sudden uprising continued into January despite the modified speculative frenzy over the two Yuga Labs of the Mutant Ape Yacht Club (MAYC) and the Bored Ape Yacht Club (BAYC).
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Rchen8’s Dune Analytics report reveals that OpenSea racked up more than $ 700 million through its trading volume at the start of January 2022. Additionally, the report states that Monday has the highest value of the new year at around 255 , $ 8 million 24 hour trading volume.
A review of OpenSea’s monthly transaction volume shows the project had $ 3.24 billion in December. That value was around 5.3%, down from August’s all-time high (ATH) of $ 3.42 billion.
The recent record for Monday trading volume on OpeaSea has sparked huge reactions from prominent viewers in the industry. One of these notable observers, Wu Blockchain, enthroned Monday market value as the highest value for OpenSea.
However, Dune Analytics already has a higher value of $ 322 million released by Rchen8 on August 29, 2021, as the all-time high for OpenSea transaction volume over 24 hours.
But with the record of over 700 million trading volumes for just four days in January, OpenSea is likely to have a new ATH this month if the pace of its trading activity continues.
Contributory role of the MAYC and BAYC NFT projects
A closer look at the recent surge in OpenSea’s transaction volume has to do with the intense craziness of its Yuga Labs projects. These include NFT MAYC, NFT BAYC and his other collection of projects.
CryptoSlam’s report placed the NFT MAYC and BAYC as the first and second NFT by seven-day trading volume respectively in the secondary markets. While the former accumulates around $ 93.2 million, the latter is worth around $ 88.4 million.
Looking at the last 30 days of the NFT MAYC and BAYC shows a bullish value of $ 189.7 million and $ 182.6 million, respectively. This places NFTs respectively third and fourth in the ranking of NFT collections at the time of publication.
For 24 hour volume performance, MAYC has $ 18.7 million in secondary volume, while BAYC has $ 14 million. OpenSea reports the current prices of NFT MAYC and BAYC at 15.86 ETH ($ 59,300) and 67 ETH ($ 250,000), respectively.
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As of January, some notable icons are already using amounts up to six digits to enter NFT BAYCs. Some icons include Dave Chappelle, a comedian; Britney Spears, musician; and Eminem, a rapper.
Featured image from Bored Ape Yacht, charts from OpenSea