OpenSea NFT Market Hits Trading Volume Rise For The First Time This Year
Since 2023 started, the value of cryptocurrencies keep on rising and the crypto space can’t wait to finally recover from the huge market crash last year. Especially when the long-awaited rise in the NFT trading volume finally came.
OpenSea had an increase in its trading volume in ETH-based NFTs for the first time this year. As of January 23, OpenSea reached a total NFT sales of $368 million marked as the highest since August 2022. This 33.5% increase contributed significantly to the current market status and opens up hope for NFT users.
Same month last year, the trading volume milestones for ETH-based NFTs on OpenSea were shattered in both USD and ETH and leading to another decrease in June 2022 and since then the industry hasn’t fully recovered.
On the other hand, 15 of the top most popular ETH-based NFT collections also had an increase in its sales in the last month. This includes Beanz, CryptoPunks, the Bored Ape Kennel Club, and the Sewer Pass. Obviously, Yuga Labs’ six NFT collections had the highest transaction volume (over 50%) on the Ethereum blockchain.
Despite the huge number of NFT blockchains growing in the industry, there’s still nothing to compete with Ethereum and Solana plus ImmutableX, Cardano, and Polygon made it to the top five places with the highest NFT sales.
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