For the last few weeks, reports of the NFT market being dead have permeated our airwaves, but now OpenSea recently set a new daily trading record leaving skeptics in awe
NFTs aren’t dead
If you’ve been in the NFT space for a while, you’ll most likely have heard reports from “experts” and industry players about the “NFT bubble” being on the verge of bursting or how the NFT market is dying.
Skeptics almost always point to slow market growth as proof of their wild and sometimes outlandish claims. If you take a moment to think about it, after the incredible growth of the NFT ecosystem over the last 18 months, it’s only natural for market corrections to occur.
Over the next few months, as the NFT market matures, we’ll witness more consolidation and “finesse” associated with the space. Many people consider the NFT space to be the wild west of investments with a lot of movements and little direction. With time, the NFT space will make more sense to traditional investors, including non-tech savvy folks.
In the meantime, it’s safe to assume that NFTs are not dead; in more ways than one, the NFT space is still in its infancy, and in order not to come across as speculative, I’ll leave you to imagine what the future might hold for the NFT space. Throughout this piece, I’ll take you on a journey to discover how OpenSea recently broke its daily trading record.
$476 million in 24 hours
Over the weekend, the Bored Ape Yacht Club launched its metaverse project known as Otherside and saying that this drop shook the NFT ecosystem to its core will be an understatement.
The weekend’s launch of Otherdeeds, deeds to lands in the Otherside metaverse, is not an event that will be forgotten anytime soon. The launch generated hundreds of millions of dollars for Yuga Labs and its partners, but in the process, it caused havoc in the Ethereum blockchain.
According to data from Dune, an Ethereum blockchain data analytics platform, on Sunday, May 1, OpenSea successfully registered $476 million, and this figure surpassed the previous daily trading record of $323 million recorded on August 29, 2021.
After a successful mint that raked in $319 million worth of Apecoin, the Otherdeeds metaverse offerings have gone on to generate even more money in the secondary markets.
Beyond the hype
Since daily trading volume on OpenSea peaked in August 2021, people have been wondering and predicting when the record set on August 29 will be surpassed; the answer to this question came a few days ago.
Since the launch of Otherdeeds, the project has had a stranglehold on NFT news, and a quick Google or Bing search on May 1 and 2 showed how important and exciting this news is to the community.
What will Yuga Labs do next on its quest to provide the public with an excellent metaverse? After the launch of Otherdeeds, there’s no denying that the general public is abuzz and excited about what’s to come next.