NFT Trading Volume on OpenSea Jumps Boosted by Interest in Bored Ape
The trading volume of non-fungible tokens (NFTs) on popular NFT marketplace OpenSea has increased significantly boosted by the interest in Yuga Labs’ Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
According to data shared by “rchen8” on Dune Analytics, the marketplace has generated over $700 million worth of trading volume since the beginning of the year. Notably, January 3 was the day with the highest trading volume in 24 hours with $255.8M.
Despite this figure, it is worth mentioning the fact that this is not an all-time high for OpenSea, because, in fact, on August 29, 2021, the trading volume on the platform amounted to $322 million.
OpenSea’s monthly volume reached $3.24 billion last month, just a 5.3% short of the platform’s ATH in August of $3.42 billion.
It seems that OpenSea’s surging volumes are partly due to the interest in the BAYC and MAYC NFTs along with a basket of other projects from Yuga Labs.
At the moment, MAYC is the top-ranked NFT project in terms of 7-day volume on secondary markets at $93.2 million.