scorecardresearch
Follow Us:
Saturday, July 02, 2022

OpenSea sets new record as it surpasses $3.5 billion in NFT sales

OpenSea’s record-high daily volume was on Sunday, according to Dune Analytics, where the marketplace saw its trading volume hit an all-time high of $261 million.

By: Tech Desk | Pune |
January 18, 2022 4:38:48 pm
bored apeAn algorithmically-generated cartoon image of an ape, number 5731 in a set of 10,000 collectible non-fungible tokens (NFTs) called the Bored Ape Yacht Club. (Source: Sotheby's /via Reuters)

Non fungible token (NFT) marketplace OpenSea has seen its monthly trade volume in Ether (ETH) exceed $3.5 billion, breaking all previous records with just two weeks left in January. For the uninitiated, an NFT is a digital asset that uses blockchain technology to record who owns a digital object such as an image, video, or in-game item. While anyone can view the asset in question, only the buyer can say they are the “official” owner.

The NFT marketplace surpassed the all-time high of $3.42 billion set in August 2021 to establish a new all-time high, surpassing the $3.5 billion mark in Ether trading volume, as per data from Dune Analaytics.

On Sunday, OpenSea witnessed its trading volume hit an all-time high of $261 million. And in January alone, OpenSea set $169 million in trading volume for each day.

It should be noted that BAYC NFTs are the most popular ones available on OpenSea, a report by CoinTelegraph said. The Bored Ape Yacht Club (BAYC), a popular collection of 10,000 unique bored apes created by Yuga Labs has generated more than $1 billion in total sales amid celebrities flocking into the non fungible tokens (NFTs) bandwagon.

Best of Express Premium
Women’s emancipation or population control? Why abortion was legalised in...Premium
Udaipur killing on video | ‘Do something spectacular’: Man from Pak told ...Premium
In village of fauji dreams, second thoughts, insecurity over AgnipathPremium
Delhi HC recently struck down powers of Banks Board Bureau; new body to s...Premium

Interestingly, the minimum price of a BAYC NFT starts at 52 Ethereum or approximately $210,000. BAYC NFT is owned by famous celebrities, such as basketball icon Steph Curry, music artist Post Malone, and even American TV host Jimmy Fallon. More recently, rap artist Eminem is the latest to jump into the NFT craze with his first BAYC purchase that cost 123.45 Ether worth $452,000 (Rs 3.36 crore approx.).

Meanwhile, the NFT space has faced ridicule for its security issues, and the BAYC has had some notable recent thefts. NFT collector Todd Kramer based out of New York said that his collection of sixteen BAYC NFTs worth $2.28 million (Rs 16.94 crore approx.) was “hacked.” Narrating his ordeal he tweeted that he had clicked on a link that appeared to be a genuine NFT de-app (decentralised application). But it turned out to be a phishing attack leading to 16 of his NFTs being stolen. “I been hacked,” he wrote. “All my apes gone.”

UPSC KEY Have you seen our section dedicated to helping USPC aspirants decode daily news in the context of their exams?

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest Technology News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
Advertisement
Advertisement
Advertisement
Advertisement