Figures from Dune Analytics show monthly trading volume on OpenSea, the world's biggest NFT marketplace, has hit $2.2 billion so far in January.
Even though the crypto markets might be experiencing a bit of a lull right now, demand for non-fungible tokens remains in rude health.
Figures from Dune Analytics show monthly trading volume on OpenSea, the world's biggest NFT marketplace, has hit $2.2 billion so far in January.
That's impressive considering that 2022 is just 11 days old — and means OpenSea is well on track to break records, eclipsing the highest-ever trading volume of $3.4 billion that was seen in August 2021.
All of this comes as competition continues to heat up in the world of NFTs, with a number of big brands announcing plans to establish their own marketplaces.
We're also seeing a continual shift when it comes to which NFT collections are the most popular. Bored Ape Yacht Club has been unseated from the top spot by PhantaBear, a project endorsed by Asian popstar Jay Chou.
It's claimed that the 10,000 NFTs in PhantaBear's collection ended up selling out within 40 minutes — with each collectible offering distinctive perks and members-only benefits.
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More NFT Launches Unveiled
Countless numbers of new NFT collections are being announced on a daily basis, meaning there's heightened competition for eyeballs.
The British Museum has announced that it plans to sell tokenized versions of paintings by J M W Turner, although this will not equate to ownership of the watercolors they represent.
Meanwhile, the high-end Cognac brand Hennessy has announced that it's selling NFTs to accompany the first and last bottles from a limited-edition collection. Yours for 70.47 ETH — that's worth about $220,000 at the time of writing — this will entitle you to physical and digital ownership.
Hennessy has tapped BlockBar for the launch, a platform that specializes in offering NFTs from high-end liquor brands. The arrival of digital assets in the space is a logical next step considering that rare wines and whiskies have been collected for generations.
