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OpenSea NFT trading volume surges as Bored Ape mania intensifies

January 4, 2022No Comments


NFT trading volumes on OpenSea are on the rise in January amid a renewed speculative frenzy at Yuga Labs' Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

According to data aware By โ€œrchen8โ€ in Dune Analytics, OpenSea has generated more than $ 700 million in trading volume since the beginning of 2022, with January 3 being the most important day of the year with a whopping $ 255.8 million in volume 24 hours.

While popular viewers like Wu Blockchain have he claimed While volume on January 3 was a record for OpenSea, previous data published by rchen8 in Dune Analytics shows that August 29 saw the all-time high (ATH) of $ 322 million.

In December, OpenSea's monthly volume surpassed $ 3.24 billion and fell just 5.3% below the platform's ATH in August of $ 3.42 billion. Given that the NFT market is already trading over $ 700 million worth of trading volume in the first four days of January, it is possible that all-time highs will be broken soon if the momentum continues through this month.

Boring monkey mania

One factor that may be contributing to the increase in OpenSea volumes is the recent mania surrounding the NFT BAYC and MAYC along with a basket of other Yuga Labs projects.

CryptoSlam data shows that MAYC is currently the highest ranked NFT project in terms of seven-day volume in secondary markets at $ 93.2 million, and BAYC NFT is close behind in second place with $ 88.4 million.

Related: Bored Ape Yacht Club NFTs catch up with CryptoPunks, flip bottom price

Over the past 30 days, the MAYC and BAYC projects have generated $ 189.7 million and $ 182.6 million each, making them the third and fourth highest ranked NFT collections as of this writing.

In terms of 24-hour volume, MAYC has made $ 18.7 million in secondary volume, while BAYC has generated $ 14 million. According to OpenSea, the current minimum price for BAYC's NFTs is 67 Ether (ETH) with an approximate value of $ 250,000, while MAYC's NFTs currently cost 15.87 ETH, or $ 59,300.

In January so far, several Pop culture icons like rapper Eminem, musician Britney Spears, and comedian Dave Chappelle, all reportedly buying BAYC NFTs for six-figure sums this month.