Despite the COVID-19 pandemic, the NFT boom of 2021 was in the headlines during the summer. However, did winter turn its bang into a moan? A quick glance at some numbers suggests that may not be the case.
Turn up the volume to HIGH
According to Dune Analytics, OpenSea’s monthly volume hit its second highest since August. December’s volume reached $ 3,047,073,775.3 or more than $ 3 billion. As for Polygon, OpenSea’s monthly volume was over $ 70 million, peaking in six months.
However, looking at the number of NFTs sold, the NFT OpenSea Polygon crossed 1.5 million this month, while the NFT OpenSea [Ethereum] were less than 1.5 million, but greater than 1 million.
According to data from Dune Analytics, OpenSea’s transaction volume topped $ 3 billion this month, just after its peak in August. In addition, OpenSea has more than 345,000 active trading users this month, a record.
– Wu Blockchain (@WuBlockchain) December 30, 2021
Time for an antacid?
In its 2021 summary, Arcane Research noted,
OpenSea achieved unicorn status through a capital raise and has an estimated valuation of $ 10 billion. The extreme growth of NFT has contributed to Ethereum’s rising fee issues, creating opportunities for other layers 1 with a higher flow to thrive… ”
OpenSea’s appetite for gas is a well-known fact among NFT traders and Ethereum users. However, one of the factors that contributed to the high number of users this month could have been the relatively low gas prices. While November frequently saw values above 100 and 150 gwei, December saw more days in the double-digit zone.
Another possible culprit could be OpenDAO – a project that promised to dump 50% of its 100,000 billion SOS tokens to users who had purchased from OpenSea. At the time of going to press, 80.10% of this sum has been claimed. OpenSea’s Highest Daily Volume Says Dune Analytics [Ethereum] since October has been recorded at this time.
Spare our feelings
Analysis is good, but sentiment and the press are also important. OpenSea has been the subject of criticism from the mainstream art community, who believe giant NFT is not doing enough to tackle art theft on its platform.
2022 will reveal how OpenSea answers this question. On top of that, the coming year will show whether it can step up its momentum to stay ahead of rivals, including the anticipated CoinbaseNFT market.