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NFT Marketplace witness Record Trading Volume

On Saturday and Sunday, the NFT marketplace OpenSea experienced record trading volume. The prices of CryptoPunks, ArtBlocks, and Bored Ape Yacht Club skyrocketed.

NFT markets reach new heights

In the past week, markets for digital collectables known as non-fungible tokens (NFT) have reached new highs regarding the trading volume and average price, notably over the weekend. The trading volume of NFTs on Ethereum hit $171 million, up 338% over the same week the previous month.

OpenSea breaks records

In the last two days, OpenSea, an NFT platform, experienced record-breaking trade activity.

According to on-chain activity monitoring tool DappRadar, volume hit $35 million on July 31 and $49 million on August 1. OpenSea had an average daily trading volume of $8.3 million in July, excluding July 31, with a high of $14.4 million on July 17.

NFT markets boom over two days

The volume of trade for CryptoPunks hit $78.4 million over the weekend. Today, the average price of CryptoPunks on OpenSea reached a new high of ETH (+0.71%) 66.919 ($175,520). According to OpenSea statistics, another collection, ArtBlocks Curated, also reached a record average price of ETH 8.1216 ($20,990) on July 31.

On Sunday, on OpenSea, average pricing for Bored Ape Yacht Club (BAYC) digital artefacts reached an all-time high. The average price for one of the 10,000 Bored Ape collectables was ETH 11.2614 ($29,200).

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.