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OpenSea’s trading volume increases in January as Bored Ape fashion hits a new level

  • The recent boom has been linked to the renewed speculative frenzy at the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC).
  • From January to July 2021, the market processes $ 106 million worth of transactions, according to DappRadder.

Since its launch in 2017, OpenSea (NFT Market) has controlled the majority of NFT sales and facilitated more than $ 10 billion in transactions. In 2021, the revenue generated was compared to eBay and surpassed Etsy. According to recent reports, the market continues to monitor NFT sales in 2022. Data released by “rchen8” reveals that OpenSea has generated more than $ 700 million in trading volume so far this year.

The 24-hour trading volume on Jan.3 was about $ 255.8 million, according to the data. This January trade boom is said to be on track to exceed $ 3.24 billion in December.

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

The recent boom is linked to the renewed speculative frenzy at 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 also holds $ 18.7 million in terms of 24-hour volume, followed by BAYC with $ 14 million. Over the past 30 days, MAYC has generated $ 189.7 million and BAYC 182.6 million. This makes them the third and fourth highest gross for NFT. Currently, the minimum price for BAYC on OpenSea is 67 Ether, while MAYC costs 15.87 Ether.

It is interesting to note that OpenSea 2021 did not start with such impressive transaction logs. From January to July 2021, the market processed an average of $ 106 million according to DappRadder. This increased 1025 percent from July to $ 3.4 billion in August. Prior to July, demand was creating a rise in the gas rate, but it was addressed through integration with Polygon, Ethereum’s Series 2 sidechain. This resulted in cheaper and faster transactions. Overall, its sales volume increased by 14,500% between 2020 and 2021.

Eminem buys Bored Ape for $ 450,000 on OpenSea

Eminem, a well-known American rapper, reportedly bought a $ 425,000 Bored Ape NFT. A BAYC member named GeeGazza uploaded the NFT nickname EminApe and was always looking forward to the rapper’s purchase. He once asked the rapper on Twitter to think about it.

I keep thinking about that @Eminem destined for me to buy my @BoredApeYC one day. pic.twitter.com/JuoNdE446Q

– GeeGazza (@Gee__Gazza) November 2, 2021,

It was reported that digital agency Six helped to get the sale. He has previously worked with a few celebrities such as Tycho, Wu-Tang Clan, and Galantis. Under the name Shady Holdings, Eminem currently has 15 NFTs on OpenSea. This adds to the list of some pop culture superstars, like Britney Spears and comedian Dave Chappelle, who bought NFT BAYC this year for six – figure sizes. This year is expected to see a huge NFT boom as more celebrities and institutions participate.

Javier Marquez

Javier Marquez has been closely following the development of bitcoin and blockchain technology since 2017. Since then, he has been working as a columnist, reporting on the ups and downs, implications and developments of the cryptocurrency market. He believes that cryptocurrencies and blockchain technology will have a huge positive impact on people's lives.

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