NFTs continue to rise with what appears to be no end in sight. As of January 14, 2022, OpenSea posted trading volumes of over $1.03 billion, and its latest rival, LooksRare, has overshadowed the platform according to data from DappRadar.
Top 8 NFT markets by volume. Source: DappRadar What is clear is that NFT collectors and dealers appear to be changing their minds about where they see value. Since the beginning of 2022, there has been an emphasis on “community” with enthusiasm and promotion of rewarding users for their participation.
OpenSea has already generated over $3.2 billion in total volume despite many NFT traders feeling that the market betrayed the notions of Web3. These investors are voting with their feet and plan to boycott the market by turning their attention to others who are more “Web3 friendly”.
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