Monthly NFT Trading Volume Reaches $6 Billion, An All-Time High

The monthly trading volume for non-fungible tokens (NFTs) has achieved an all-time high of US$6.13 billion despite the massive crypto market retreat.

Since December 2021, the monthly NFT trading volume grew 129 percent and much of the increase was due to the latest contender in the NFT marketplace scene, LooksRare. The new marketplace has accumulated significant volume since its launch on January 10, although it’s also alleged to have generated $8.3 billion in wash trading.

Along with LooksRare’s incredible performance, OpenSea, the world’s leading marketplace, recorded an astonishing US$2.1 billion, more than half of the total trading volume for August 2021, the highest monthly figure recorded thus far.

PhantaBears Hold Out Apes

The trading volume observed on OpenSea has been driven by the new “PhantaBear” collection, which recorded 17,124 ether (US$53 million) in sales over the past seven days. “Bored Ape Yacht Club” took second place, recording 16,658 ether (US$51.5 million).

Other factors contributing to OpenSea’s record include the number of active users on the platform, which currently sits at 260,369 and is fast approaching last month’s all-time high of 362,679 users.

The NFT craze doesn’t seem to be ending and January’s record numbers are testament to that. As all sectors of the industry hit new heights, one particular NFT sector’s performance deserves special mention – NFT games. During Q3 of 2021, NFT games generated approximately US$2.3 billion in revenue and witnessed growth throughout the year.

Exciting developments are also taking place in the e-commerce space as Shopify offers its merchants NFT minting services. The platform recently opened its NFT beta that allows participants to mint and trade their own branded NFTs on its platform.

Justin Bieber Buys a Bored Ape NFT for $1.3 Million

As the craze continues, more and more celebrities are getting on board the NFT train, such as rapper Eminem and tennis ace Serena Williams, with pop star Justin Bieber the latest to check in to the Bored Ape Yacht Club. Bieber is now the proud owner of Ape #3001, which he bought for 500 ether – around US$1.3 million at the time of writing.

The ape includes a New Punk Blue background which only 12 percent of apes have; a Black T that only three percent of apes share, sad eyes coming in at six percent rarity, dark brown fur at 14 percent rarity, and a bored unshaven mouth shared by 16 percent of apes.  

If the NFT space continues to pump out such exhilarating news as it has in recent times, we may well witness another more impressive month ahead. Or, we might even see an NFT bear market coming up, if you believe the words of Gary Vee.