Nonfungible token (NFT) trading volumes on OpenSea have been surging in January amid a renewed speculative frenzy on Yuga Labs’ “Bored Ape Yacht Club” (BAYC) and “Mutant Ape Yacht Club” (MAYC).
According to data posted by Rchen8 on Dune Analytics, OpenSea has generated more than $700 million worth of trading volume since the start of 2022, with Monday being the biggest day of the year with a whopping $255.8 million worth of 24-hour volume.
While popular onlookers, such as Wu Blockchain, have asserted that the volume on Monday was a record high for OpenSea, previous data posted by Rchen8 on Dune Analytics shows that Aug. 29 saw the all-time high (ATH) of $322 million.
In December, OpenSea’s monthly volume topped $3.24 billion and fell just 5.3% short of the platform’s ATH in August of $3.42 billion. With the NFT marketplace already conducting more than $700 million worth of trading volume within the first four days of January, the record highs may soon be broken if the momentum continues throughout this month.
Bored Ape mania
A factor that may be contributing to OpenSea’s surging volumes is the recent mania surrounding the BAYC and MAYC NFTs along with a basket of other projects from Yuga Labs.
Data from CryptoSlam shows that the MAYC is currently the top-ranked NFT project in terms of seven-day volume on secondary markets at $93.2 million, with the BAYC NFTs following closely behind in second with $88.4 million.
Related: Bored Ape Yacht Club NFTs catch up to CryptoPunks, flips floor price
Over the past 30 days, the MAYC and BAYC projects have generated $189.7 million and $182.6 million, respectively, making them the third- and fourth-highest ranked NFT collections at the time of writing.
In terms of 24-hour volume, the MAYC has garnered $18.7 million worth of secondary volume, while the BAYC has generated $14 million. According to OpenSea, the current floor price for BAYC NFTs is a hefty 67 Ether (ETH) worth roughly $250,000, while the MAYC NFTs are currently going for 15.87 ETH, or $59,300.
In January so far, several pop-culture icons, such as rapper Eminem, musician Britney Spears and comedian Dave Chappelle, have all been reportedly snapping up BAYC NFTs for six-figure sums this month.