NFT Marketplace OpenSea Hits Single-Day Record $476M Of Ethereum Trading Volume

Decentralized marketplace OpenSea just clocked a record $476 million worth of Ethereum ETH/USD 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 APE/USD 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 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.