OpenSea records over $ 2 billion in trading volume in early 2022

OpenSea records over $ 2 billion in trading volume in early 2022 - OpenSea employee accused of NFT insider tradingNFT market giant OpenSea is posting impressive numbers just days into 2022, with the platform's trading volume already at a whopping $ 2 billion.

OpenSea is heading towards a new monthly volume ATH

Data from Dune Analytics showed that the leading marketplace's average daily trading volume so far in 2022 is over $ 260 million. While the monthly volume recorded in January has already exceeded $ 2 billion, the figure has yet to surpass the all-time high (ATH) of more than $ 3,5 billion reached in August 2021.

Meanwhile, with volume only recorded ten days in 2022, there is a possibility that January's monthly volume could establish a new ATH. The latest development comes shortly after OpenSea raised $ 300 million in a Series C funding round, led by Coatue and Paradigm.

The fresh capital injection pushed OpenSea's valuation to over $ 13 billion, an astronomical increase from $ 1,5 billion recorded in July 2021. According to the platform, the $ 300 million will be used to achieve targeted goals, including the investments in the NFT ecosystem and robust product development.

There continues to be a growing demand for various NFT collections, one of which is the popular Bored Ape Yacht Club (BAYC). As already reported by CryptoPotato, BAYC has surpassed $ 1 billion in sales on OpenSea.

The milestone wasn't entirely surprising, as a number of celebrities bought various Bored Apes. NBA star Stephen Curry bought an NFT for 55 ETH (which was worth $ 180.000 at the time). American rapper Eminem also recently bought one worth over $ 460.000. In September 2021, 101 BAYC NFTs auctioned at Sotheby's were sold for $ 24 million.

Market giant NFT navigates IPO disputes

While OpenSea recorded some impressive performances, the company was not without criticism. Following the exit of the platform's product chief, Nate Chastain, on allegations of insider trading, the market appointed its first chief financial officer (CFO) in December.

New CFO Brian Roberts previously held the same position at US ride-hailing company Lyft. Shortly after his appointment, Roberts said that considering the company's success rate, the most logical thing was to consider making the leading marketplace public.

However, many in the cryptocurrency community did not take the CFO's statement well, stating that it was disappointing that the platform was not trying to do token airdrops. Roberts immediately tried to clear the air, saying his comment was misunderstood.

According to the executive, OpenSea was not yet trying to go public and would consult with the community if it were to do an IPO.