Non-fungible tokens (NFTs) are not losing any momentum in 2022. OpenSea, the biggest NFT marketplace, saw a three-month high trading volume of $260 million yesterday.
NFTs entering 2022 on strong footing
According to data from Dune Analytics, a free blockchain data analytics platform, OpenSea’s daily trading volumes have exceeded $200 million for six days out of the 10 days so far in 2022. OpenSea is already closing in on $2 billion in traded NFTs in 2022. They have generated more than $1.9 billion worth of trading volume since the start of 2022.
However, the recent trading volume is yet to match OpenSea’s all-time high daily trading volume of $322 million reached in late August 2021. This month’s already phenomenal NFT sales have been fueled by renewed interest in two popular NFT collections namely Bored Apes Yacht Club and Mutant Apes Yacht Club. The platform also recently managed to secure over $300 million in funding.
Several items in these collections have been picked up by celebrities including rapper Eminem, musician Britney Spears, and comedian Dave Chappelle this January. The frenzy could be an indicator that NFTs are poised to outdo their performance in 2021 which saw digital asset sales total nearly $41 billion according to a report from NonFungible.com.
The new milestone has not shielded OpenSea from Criticism
While OpenSea may be well on its way to having its best month yet this January, its critics have not relented in pointing out its flaws. In a recent Twitter Spaces titled the “Death of OpenSea: building a community-owned marketplace” which was hosted by “CryptoNCoffee,” over ten speakers highlighted how the crypto community can move on from OpenSea because of its centralization.
Crypto Twitter participants have been responding to the comments made on the space. According to David Gokhshstein, the founder of Gokhshstein Media, despite OpenSea’s problems, they still play a key role in the NFT market. He adds that one positive of OpenSea’s existence is that it has given a lot of artists a platform they would otherwise not have had.
OpenSea has given a lot of artists a platform to shine. Now there’s a Spaces talking about replacing it? Not everything needs to be decentralized.
NFT market expectations in 2022 and beyond
NFTs have received a lot of attention in 2021, both positive and negative. According to predictions, NFTs are set to be massive again in 2022. According to Eran Elhanani of BeInCrypto, there are at least three major NFT trends that are likely to happen in 2022. Blockchain gaming, which surpassed $1 billion in 2021, will be one of the major drivers of NFT sales and use. Similarly, NFTs will also cement their place as a choice investment vehicle, and mega retail companies such as Adidas and their likes will play a huge role in the NFT market.
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