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OpenSea Tops $3.5 billion in NFT sales

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With only two weeks left in January, non-fungible token (NFT) exchange OpenSea has seen its monthly transaction volume in Ether (ETH) surpass $3.5 billion. If you’re not familiar with the term, an NFT is a type of digital asset that uses blockchain technology to track who owns what. While anybody can examine the object, only the buyer can claim ownership.

According to Dune Analaytics, the NFT market topped the $3.42 billion milestone established in August 2021, reaching the $3.5 billion level in Ether trading volume.

On Sunday, OpenSea had a $261 million trade volume. In January alone, OpenSea set daily trade volume at $169 million.

According to CoinTelegraph, BAYC NFTs are the most popular on OpenSea. With celebrities embracing non-fungible tokens (NFTs), the Bored Ape Yacht Club (BAYC) has earned over $1 billion in sales.

A BAYC NFT costs 52 Ethereum, or around $210,000, to buy. Celebrities like basketball legend Steph Curry, musician Post Malone, and even American TV presenter Jimmy Fallon own BAYC NFT. Rapper Eminem has joined the NFT frenzy with a $452,000 BAYC purchase (Rs 3.36 crore approx.).

But security difficulties have hounded the NFT sector, and recent thefts have hounded the BAYC. New York-based NFT collector Todd Kramer claims his $2.28 million (16.94 crore) BAYC NFT collection was “hacked.” He tweeted that he had clicked on a link that looked like a legitimate NFT de-app (decentralised application). But it was a phishing attack that took 16 of his NFTs. “I was hacked.” “No apes left.”


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