The NFT sector continues to be one of the most rapidly expanding digital assets for tokenizing artworks and other valuable physical goods. Their architecture incorporates the same programming as other cryptocurrencies, however they are incompatible.
According to recent OpenSea statistics, the nonfungible token’s trade volumes on the platform have increased significantly. Despite the revised speculative frenzy on the two Yuga Labs of Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club, this quick gain has continued in January (BAYC).
According to Rchen8’s Dune Analytics report, OpenSea had amassed over $700 million in trading volume as of early January 2022. Furthermore, according to the study, Monday had the largest value in the new year, with a 24-hour trading volume of around $255.8 million.
According to OpenSea’s monthly trade volume, the project had $3.24 billion in December. This valuation was down roughly 5.3 percent from the all-time high (ATH) of $3.42 billion in August.
The current record on Monday trading volume on OpeaSea elicits strong comments from notable industry observers. Wu Blockchain, one of these noteworthy experts, crowns the Monday trading value as the highest value for OpenSea.
Dune Analytics, on the other hand, already has a higher value of $322 million posted by Rchen8 on August 29, 2021, as the all-time high for OpenSea 24 hours trading volume.
However, with a record of over 700 million trade volume in just four days of January, OpenSea is expected to set a new ATH this month if the current pace of its trading operations continues.
MAYC and BAYC NFT Projects Play a Role
A closer examination of the recent spike in OpenSea’s trading volume reveals a connection to the strong mania of its Yuga Labs projects. These include the MAYC NFTs, the BAYC NFTs, and its other programs.
MAYC and BAYC NFTs were ranked first and second in seven-day trading volumes on secondary markets, according to a report from CryptoSlam. The former has a value of around $93.2 million, while the latter has a value of approximately $88.4 million.
MAYC and BAYC NFTs had a bullish value of $189.7 million and $182.6 million, respectively, based on a 30-day analysis. At the time of publication, the NFTs were ranked third and fourth in the NFT collections ranking.
MAYC has $18.7 million in secondary volume during the 24-hour period, while BAYC has $14 million. MAYC and BAYC NFTs are currently priced at 15.86 ETH ($59,300) and 67 ETH ($250 000), according to OpenSea.
Some well-known figures are already paying six-figure sums for BAYC NFTs in January. Some icons include comedian Dave Chappelle, musician Britney Spears, and rapper Eminem.