Home Correction trading NFT Trading Volume to Set New ATH of $7 Billion in January

NFT Trading Volume to Set New ATH of $7 Billion in January

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Crypto and stock markets may be down, but the non-fungible token space is set for new highs.

Available Data from The Block shows NFT transactions in January amounted to $6.89 billion at the time of writing. This means that it is likely to cross the $7 billion mark before the end of the day.

OpenSea remains the dominant NFT market

As expected, OpenSea remains the dominant force in the market, accounting for $4.21 billion of total transactions. But worthy competition appears in the mold of LooksRare, which has $2.2 billion in transactions. Other notable artists include Solana-based Magic Eden with $314.1 million.

This is the highest monthly transaction volume the industry has ever seen and well above the previous all-time high of $3.31 billion in August 2021. With total NFT transaction volume being around $20 billion dollars last year, January’s performance alone suggests that this year’s transactions could significantly exceed that.

OpenSea also has a reason to celebrate because it broke its previous monthly record of $3.16 billion set in August 2021.

Throughout the past year, OpenSea has been the dominant force in the space as it accounted for over 80% of monthly NFT trading volume on numerous occasions.

Looks Rare OpenSea Battles for NFT Soul

But the launch of LooksRare earlier this month seems to have cut the party short. With the simple objective to dethrone OpenSea, LooksRare used various tactics to attract more users. Trading volume of over $2 billion in the first month suggests the tactic is working.

The transaction value of $2.2 billion on the platform represents the volume of organic transactions. However, the NFT market has an actual trading volume of over $10 billion due to large washout trades. A native LooksRare token, LOOKS is currently trading at over $4, over 64% of its value since launch.

For OpenSea, it may be time to redefine its approach and expand its reach. Already, there are rumors that the leading market will soon add support for Solana-based NFTs.