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$3.5 billion worth of monthly NFT sales set a new high on OpenSea

OpenSea was originally founded in 2017 by  Devin Finzer, who is  CEO of the NFT marketplace.OpenSea, the world’s biggest online marketplace for non-fungible tokens (NFTs), has set a new sales volume record, indicating the growing popularity of NFTs in our time.

 Even though it is only the middle of January, the platform’s monthly sales have already surpassed $3.5 billion (roughly Rs. 26,038 crores) for the first time ever. The trading volume was calculated in the cryptocurrency Ether (ETH). 

Making the spotlight twice in a month 

Open sea recently made news on a more bizarre topic than you would imagine. This man is from Indonesia. Sultan Gustaf Al Ghozali, a 22-year-old Indonesian college student, took advantage of the opportunity and earned more than a million dollars by selling his own selfies as NFTs. 

The price increases of some famous NFT compilations and items are contributing to OpenSea’s huge sales. Among such NFTs are those in the Bored Ape Yacht Club (BAYC) and its sister collections, such as the Mutant Ape Yacht Club (MAYC) and the Bored Ape Kennel Club (BACK).

OpenSea Funding

OpenSea recently received a $300 million (approximately Rs. 2,229 crores) investment in a Series C funding round, bringing its total market worth to $13.3 billion (roughly Rs. 98,868 crores). OpenSea was valued at 1.5 billion dollars in July of last year (roughly Rs. 11,150 crores).

Conclusion

Numerous components of the cryptocurrency world have seen a surge in adoption in the last year, including virtual collectibles known as non-fungible tokens (NFTs). Other names in the sector have begun to emerge as a result of the success of OpenSea’s NFT selling business. For example, earlier in the month, a new NFT platform called “LooksRare” entered the market. Within three days of its release, it had generated $394 million in sales (roughly Rs. 2,912 crores).

 

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