NFT marketplace OpenSea kicks off the new year with strong volumes

NFT marketplace OpenSea has seen very strong trading volumes so far this month. Read the full article by Osato Avan-Nomayo “Neither this post nor any other on cryptofal.com should be taken as financial advice. It is not.”

OpenSea has been the top NFT marketplace since they launched and they are continuing that trend this month with even more volume. They are even getting ready to set another monthly record. This comes after a large fall off of volume between September and now. Some other major competitors are Nifty gateway, an NFT platform that is tied to the Winkelvoss twins and Gemini, and Rarible.

So far in January volume on OpenSea has already passed $1 billion in only 10 days. Their current monthly record is $3.16 billion which they did back in August. The company is also thinking about going public in 2022 but that still is up in the air. OpenSea has had a good month so far as they also just secured funding from Coatue and Paradigm which brings the value of the company to $13 billion.

"Our ambition is to foster the scale and growth of the broader NFT ecosystem including raising the profile of emerging creators and investing in the people who shape the NFT space for the better today” said co-founder and CEO Devin Finzer.

The two biggest movers have been some of the most well-known projects in the Bored Ape Yacht Club which has done $100 million in sales this month and one Crypto Punk that was recently sold for $3 million on its own. While the crypto market has been down in general NFTs have seen a rise as people are buying art at a slight discount. This could be because of the collection aspect of NFTs where some are bought for how they look and not just as another investment.