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OpenSea's Daily Trading Volume Crosses $100 Million - Second Time in a Month

OpenSea’s Daily Trading Volume Crosses $100 Million – Second Time in a Month

Posted Monday, November 15, 2021 by
Aiswarya Gopan • 2 min read

The amount of Ethereum traded on NFT marketplace leader OpenSea surged from less than $50 million to more than $100 million over the weekend. This was the second time in less than a month that the daily trading volume of Ethereum on the marketplace has crossed the hundred million dollar level.

Over the past few weeks, trading activity and the interest in NFTs on the platform had eased somewhat lower, bringing down the daily volume considerably. The latest search is the result of a tenfold increase in sales volumes for the Bored Ape Yacht Club (BAYC).

The sales of this NFT collection increased by 900% in a matter of just a few hours even as the sales of its spinoff Mutant Ape Yacht Club (MAYC) surged by 1,100%. The Bored Ape Yacht Club is a compilation of 10,000 NFTs that have been around since April, with each image featuring a portrait shot of a cartoon app generated from a combination of 170 possible traits, and are stored as ERC-721 tokens on the Ethereum blockchain.

The sudden surge in interest could be the result of Rolling Stone magazine’s partnership with the collection to launch a limited edition of 2,500 paper zines, each featuring a Bored Ape on the cover. A digitized version of such a magazine went up for auction as an NFT on SuperRare mid of last week, even as an alternate cover inspired by Mutant Ape Yacht Club was also put up.

Expect the trading volumes on BAYC and MAYC to continue increasing in the coming sessions especially after record label behemoth Universal Music Group announced the formation of a Gorillaz-style metaverse group called Kingship. The avatars for the group will be inspired by BAYC NFTs owned by famed collector Jimmy “j1mmy” McNelis. Kingship is expected to perform in virtual world settings and drive the release of even more NFTs, further supporting the popularity of one of the most successful range of digital collectibles on the OpenSea marketplace.

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