OpenSea NFT trading volume surges as Bored Ape mania intensifies

NFT buying and selling volumes on OpenSea are surging in January amid a renewed speculative frenzy on Yuga Labs’ Bored Ape Yacht Membership (BAYC) and Mutant Ape Yacht Membership (MAYC).

In line with knowledge posted by “rchen8” on Dune Analytics, OpenSea has generated greater than $700 million value of buying and selling quantity for the reason that begin of 2022, with Jan. 3 being the most important day of the yr with a whopping $255.8 million value of 24-hour quantity.

Whereas well-liked onlookers as Wu Blockchain have asserted that the quantity on Jan. 3 was a document excessive for OpenSea, earlier knowledge posted by rchen8 on Dune Analytics reveals that Aug. 29 noticed the all-time excessive (ATH) of $322 million.

In December, OpenSea’s month-to-month quantity topped $3.24 billion and fell simply 5.3% wanting the platform’s ATH in August of $3.42 billion. With the NFT market already conducting greater than $700 million value of buying and selling quantity inside the first 4 days of January, the document highs might quickly be damaged if the momentum continues all through this month.

Bored Ape mania

An element which may be contributing to OpenSea’s surging volumes, is the latest mania surrounding the BAYC and MAYC NFTs together with a basket of different tasks from Yuga Labs.

Knowledge from CryptoSlam reveals that the MAYC is presently the top-ranked NFT venture when it comes to seven-day quantity on secondary markets at $93.2 million, with the BAYC NFTs following carefully behind at second with $88.4 million.

Associated: Bored Ape Yacht Membership NFTs catch as much as CryptoPunks, flips flooring worth

Over the previous 30 days, the MAYC and BAYC tasks have generated $189.7 million and $182.6 million apiece, making them the third and fourth highest ranked NFT collections on the time of writing.

When it comes to 24-hour quantity, MAYC has garnered $18.7 million value of secondary quantity, whereas the BAYC has generated $14 million. In line with OpenSea, the present flooring worth for BAYC NFTs is a hefty 67 Ether (ETH) value roughly $250,000, whereas the MAYC NFTs are presently going for 15.87 ETH, or $59,300.

In January to date, a number of Pop-culture icons comparable to rapper Eminem, musician Britney Spears, and comic Dave Chappelle all reportedly snapping up BAYC NFTs for six-figure sums this month.