Metaverse

OpenSea breaks a new record by selling more than $3.5 billion in NFTs.

With only two weeks left in January, non-fungible token (NFT) marketplace OpenSea has seen its monthly trade volume in Ether (ETH) surpass $3.5 billion, shattering all prior records. An NFT, for those unfamiliar, is a digital asset that uses blockchain technology to track who owns a digital property like a picture, video, or in-game item. While anybody can look at the asset, only the buyer has the legal right to claim ownership.

According to data from Dune Analaytics, the NFT marketplace eclipsed the all-time high of $3.42 billion set in August 2021 to reach a new all-time record, surpassing the $3.5 billion mark in Ether trading volume.

OpenSea’s trade volume reached an all-time high of $261 million on Sunday. In January alone, OpenSea achieved a daily trading volume of $169 million.

Bored-Ape-Yacht-Club
Bored-Ape-Yacht-Club

According to a research by CoinTelegraph, BAYC NFTs are the most popular ones offered on OpenSea. The Bored Ape Yacht Club (BAYC), a popular collection of 10,000 individual bored apes created by Yuga Labs, has generated more than $1 billion in total sales, with celebrities flocking to the NFTs bandwagon.

Surprisingly, a BAYC NFT can be bought for as little as 52 Ethereum ($210,000). BAYC NFT is even owned by celebrities including basketball legend Steph Curry, singer Post Malone, and even American TV host Jimmy Fallon.

Eminem, the rap musician, was the most recent to join the NFT frenzy, with his first BAYC buy costing 123.45 Ether valued $452,000. (Rs 3.36 crore approx.).

Meanwhile, the NFT industry has been chastised for its security flaws, and the BAYC has seen some major robberies recently. Todd Kramer, a New York-based NFT collector, said that his collection of sixteen BAYC NFTs, valued at $2.28 million (about Rs 16.94 crore), had been “hacked.”

He tweeted about his ordeal, saying he had clicked on a link that appeared to be a legitimate NFT de-app (decentralised application). However, it turned out to be a phishing attack, and 16 of his NFTs were taken as a result. “I’ve been hacked,” he wrote. “Every single one of my apes has vanished.”

This article is just for educational purposes.

Make your own exploration before making any form of investment, as always.

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