OpenSea Already Surpassed $1 Billion in Volume Within a Week of Entering 2022

Gaurav Roy

The popular non-fungible token marketplace OpenSea continues to lead the NFT space less than one week into the new year, with over $1.2 billion in trading volume on Ethereum recorded already.

In August 2021, OpenSea had its record month at $3.4 billion in volume. Following the drop in trading volume over three consecutive down months, December saw activity picking up on the platform and hitting $3.2 billion, up 36.7% from the previous month.

This recovery can still be seen as OpenSea monthly volume on Ethereum blockchain records $1.21 billion, according to Dune Analyst

The daily volume has been picking up since November when it was doing about $40 million, only to rise to $250 million moving into this year. 

These numbers put OpenSea on a path to hitting almost $100 billion in volume in 2022 compared to just over $18 billion in 2021. With OpenSea charging a 2.5% transaction fee, it can easily see a billion dollars in revenue. 

Overall, OpenSea has generated $380.7 million in revenue so far, coming in 4th place after Ethereum ($5.3 bln), Axie Infinity ($1.3 bln), and Filecoin ($1.2 bln), according to TokenTerminal. Its 7-day revenue meanwhile has been $26.7 million, only second to Ethereum’s $212.5 million.

(Image Source)

The latest interest in NFTs has been driven by the fresh speculative frenzy surrounding Bored Ape Yacht Club (BAYC), which also hit $1 billion in all-time sales. Mutant Ape Yacht Club (MAYC), the sister project of Yuga Labs’ BAYC is also gaining traction, emerging as the top-ranked NFT in terms of 7-day volume on secondary markets at over $93 million compared to BAYC’s $88 million.

Both NFTs also kicked off 2022 on a bullish note with their floor price, the lowest these apes are available for purchase, surging to 66 ETH for BAYC and 14.5 ETH for MAYC.

This week, OpenSea also announced securing a $300 million funding round that sent its valuation to $13.3 billion. Overall, NFT companies raised more than $3 billion in private investment in 2021, according to data from PitchBook.

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