According to Dune Analytics, and brought to our attention by a tweet from @NTmoney, January is on pace to be OpenSea’s best month to date.
January is on pace to be the highest volume month ever for OpenSea by a lot pic.twitter.com/DAhD7qukw1
— perceptive.eth (@NTmoney) January 9, 2022
We’ve seen this coming. As we predicted, 2022 would be a lucrative year for NFTs based on the ConsenSys and DappRadar reports. But maybe not on this scale and this quickly. Only 11 days into 2022, we are on pace to set a new one-month volume high on OpenSea.
August 2021 had the most volume on the platform in a single month, but January is on pace to smash this previous mark. At the time of writing, OpenSea has seen USD $2.31 billion in total Ethereum volume this month. August saw a total volume of $3.24 billion over that month. With just over $1 billion to go, and 20 days to reach that mark, it is safe to say January 2022 will be a month we look back on for a while in the community.
NFT Bull Market Benefactors
Who has benefited the most from this surge in volume? The answer to that is “cute” pfp holders. Hand-drawn, cartoon NFTs that peg their utility on the idea of “community” were the collections that saw the highest increase in volume and floor this month.
Examples include Floor Price Increase (Jan 1–>today):
- Alien Frens Ξ0.50–>Ξ3.21
- PhantaBear Ξ0.38–>Ξ5.95
- CryptoMories Ξ0.56–>Ξ1.68
- Coolman’s Universe Ξ0.37–>Ξ1.39
- Doodles Ξ6.78–>Ξ10.78
The volume and floor prices for these collections peaked two days ago, and floor prices seem to be coming back to earth. Check out the Mories’ graph from dune.xyz. It will be interesting to see where floor prices stabilize over the next week.
Where Is the NFT Market Headed Now?
So cartoon profile pictures seem to be dying down in terms of volume. Aside from these surging collections, the market is shifting its attention to where it should be, in my opinion. Metaverse and gaming assets are picking up steam, with projects like:
- Bored Bunny Ξ7347
- Oxya Origin Project Ξ7213
- Samurai Saga Ξ1634
Saw some of the highest total ETH volumes over the last seven days. As the market moves to Web3 gaming and the idea of the Metaverse, watch for collections that fit in these categories to really start to take off.
NOTE: Remember always to do your research, make your own decisions, and invest in projects that interest you!
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