• by Colin Kirkland , January 6, 2022

Silicon Valley’s famed four-year-old blockchain startup OpenSea has become the quintessential marketplace where people go to trade non-fungible tokens (NFTs).

Amidst the growing popularity of expensive NFT collections like Bored Ape Yacht Club (BAYC), along with the attention of high-stakes investors, OpenSea’s valuation is reported to be $13.3 billion.

Just this January, data shows that OpenSea has generated over $700 million in sales.

Monday may have seen a record high for the marketplace, generating a total of $255.8 million.

Monthly highs for OpenSea –– set previously at $3.42 billion last August –– are expected to be broken in the coming weeks. 

NFT trading volumes on the marketplace have been surging with the ongoing interest in Yuga Labs’ BAYC, as well as the “mutant” version, Mutant Ape Yacht Club (MAYC). 

In the past five days, famed celebrities such as pop-star Britney Spears, rapper Eminem and comedian Dave Chappelle have each spent six figures on BAYC NFTs.

Mark Cuban’s NFT data aggregator, CryptoSlam, shows MAYC as the top-ranked NFT project as of now, based on seven-day volume on secondary markets at $93.2 million. BAYC NFTs rank second at $88.4 million.

OpenSea lists the current base price for BAYC NFTs at roughly a quarter of a million dollars, while MAYC NFTs are still going for around $60,000.

In terms of recent contributions from investors, OpenSea reported that it had raised $300 million in new venture capital. The funding will be used to grow its workforce, which already includes over 90 employees––adding to the ongoing purge of workers at major tech companies who are leaving their jobs for new opportunities in crypto.  

In addition, OpenSea said they will use the money to launch a grant program that supports creators and blockchain builders, while also focusing on product development, aiming to make its blockchain technology more accessible to mainstream consumers.