According to Dune Analytics, OpenSea’s trading volume reached an all-time high of $261 million on Sunday, setting a new daily volume record. With only a few days left in January, non-fungible token (NFT) marketplace OpenSea has seen its monthly trade volume in Ether (ETH) surpass $3.5 billion, shattering all past 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 everyone can look at the asset, only the buyer can claim to be the “formal” owner.
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.
As shown in research by CoinTelegraph, BAYC NFTs are the most popular ones offered on OpenSea. The Bored Ape Yacht Club (BAYC), a famous collection of 10,000 unique 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 may be purchased for as little as 52 Ethereum, or about $210,000. Celebrities such as basketball legend Steph Curry, musician Post Malone, and even American TV host Jimmy Fallon possess BAYC NFT. Eminem, the rap musician, was the most recent to join the NFT frenzy, with his first BAYC buy costing 123.45 Ether valued at $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. A New York-based NFT collector, Todd Kramer said that his collection of sixteen BAYC NFTs, valued at $2.28 million (about Rs 16.94 crore), had been “hacked.” Narrating his ordeal, he tweeted that he had clicked on a link that seemed to be a genuine NFT de-app (decentralised application). But it turned out to be a phishing attack leading to 16 of his NFTs being stolen. “I been hacked,” he wrote. “All my apes gone.”