The world’s largest Non-Fungible Token (NFT) marketplace OpenSea, is already racking up impressive numbers just a few days into 2022, with a trading volume of $2 billion. The platform is on track to break its trading volume record as it targets over $6 billion by the end of the month if the trend on Ethereum’s daily trading volume continues.
So far in 2022, OpenSea’s trading volume for NFTs has reached $2.1 billion in just ten days. This is more than half of the platform’s overall trading volume for the entire month of August 2021, when it set its first record.
According to Dune Analytics, the daily average trading volume of the leading NFT marketplace in 2022 has exceeded $260 million. While the monthly volume in January passed $2 billion, it is still short of the all-time high (ATH) of almost $3.5 billion set in August 2021.
This development in the marketplace comes shortly after OpenSea raised $300 million in a Series C investment round led by Coatue and Paradigm.
The new cash boosted OpenSea’s worth to over $13 billion, a massive increase from $1.5 billion in July 2021. According to the platform the $300 million will be utilised to achieve certain goals, including as an investment in the NFT ecosystem and robust product development.
The popularity of numerous NFT collections continues to grow with one of the most popular being the renowned Bored Ape Yacht Club (BAYC). BAYC reached $1 billion in sales on OpenSea.
Controversies Surrounding OpenSea
While OpenSea has consistently delivered remarkable results, the company has not been without criticism. In December, the marketplace appointed its first-ever Chief Financial Officer (CFO) following the departure of the platform’s Head of Product, Nate Chastin, on reported suspicious of insider trading.
Brain Roberts, the new CFO, previously held the same role at Lyft, a US ride-hailing company. Shortly after his hiring. Roberts stated that given the company’s track record of success, it was only natural to contemplate bringing the leading marketplace public.
Many in the crypto community, however, were disappointed by the CFO’s statement, claiming that the platform’s decision not to undertake token airdrops was disappointing. Roberts quickly attempted to clear the matter, claiming that his remark had been misinterpreted.
OpenSea was not planning to go public at the time, according to the executive, and would engage with the community before doing so.