Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

NFT Marketplace OpenSea Hits Single-Day Record $476M Of Ethereum Trading Volume

Published 03/05/2022, 09:33
Updated 03/05/2022, 10:10
NFT Marketplace OpenSea Hits Single-Day Record $476M Of Ethereum Trading Volume

Decentralized marketplace OpenSea just clocked a record $476 million worth of Ethereum (CRYPTO: ETH) in a single day’s trading volume.

What Happened: According to data from Dune Analytics, the volume traded on OpenSea on May 1 was a staggering $476,139,461. The previous single-day record for NFT sales on OpenSea was $323 million in August 2021.

The massive increase in trading volume for the day was largely driven by the launch of Otherdeed NFTs — virtual land plots released by the Bored Ape Yacht Club (BAYC) creators Yuga Labs.

The Otherdeed sale earned Yuga Labs $285 million but cost users $176 million worth of Ethereum gas fees. Earlier this week, Benzinga reported that multiple users suffered failed transactions and the project’s native token ApeCoin (CRYPTO: APE) plummeted by 33% on the day of the sale.

See Also: HOW TO BUY APECOIN (APE)

Meanwhile, NFT trading on platforms besides OpenSea saw underwhelming amounts of the trading volume. The widely anticipated NFT marketplace released by cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) saw just 737 users trade NFTs worth $315,874 since its beta launch on April 20. However, the number of waitlisted users invited to participate in the beta launch remains unknown at the time of writing.

Price Action: According to data from Benzinga Pro, ETH was trading at $2,841, down 0.73% over the past 24 hours.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.