NFT Marketplace OpenSea Hits Single-Day Record $476M Of Ethereum Trading Volume
Decentralized marketplace OpenSea just clocked a record $476 million worth of (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:) Global Inc (: 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.
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