In the first seven days of this month, all-time sales on the leading Ethereum NFT trading platform, Opensea, hit over the $10 billion mark. According to Dappradar, these numbers currently stand at 11.17 billion USD.
Apart from the rise in sales, the NFT marketplace is attracting unsolicited investors. As reported by The Information, new investors are likely to push Opensea’s valuation to around 10 billion USD.
Sources familiar with development intimated to The Information that the investors willingly put investment offers and Opensea didn’t ask for funding. According to the anonymous sources, investors are thirsty “for a piece of the” leading Ethereum NFT marketplace.
The rumors of a possible investment round come four months after the startup completed a funding round in July. The Andreessen Horowitz-led funding round attracted 100 million USD from notable participants such as Ashton Kutcher and Durant Kevin. This round earned Opensea a crypto unicorn crown after achieving a $1.5 billion valuation.
However, the anonymous sources familiar with the unsolicited investments into Opensea didn’t disclose the names of the investors seeking to invest in the NFT trading platform voluntarily. However, the sources cited the rising NFT sales volume in the recent past as the main reason for their appetite.
Opensea Achieves a 24-Hour Sales Volume of More than $100 Million
Six days ago, the Ethereum NFT trading platform recorded its best day in several months after achieving a 24-hour sales volume of over $100 million. According to Dune Analytics, this represented a more than 200 percent increase.
The sales volume last reached such highs in mid-October. The sudden increase was attributed to a rise in Bored Ape Yacht Club (BAYC) non-fungible tokens sales. Data from CryptoSlam!, a data aggregation platform, shows that BAYC NFT sales skyrocketed by 900 percent.
BAYC has seen backing from popular names in the entertainment and music industry. For example, Rolling Stone magazine recently announced it has entered into a partnership that would allow it to use the project’s Bored Ape image on the cover of 2,500 magazines.
Universal Music Group, the world’s leading record label, revealed that it’ll use BAYC NFTs as avatars in Kingship, a metaverse outfit. Timbaland, a popular global music producer, also disclosed that they’ll use BAYC avatars for a metaverse band. Timbaland announced the birth of Ape-In Productions, a firm focusing on animations and music for the band.
The NFT Bay Attracts Over One Million Visitors in Ten Hours
As investors continue to thirst for a piece of Opensea, an Australian software developer has created a pirate bay focused on non-fungible tokens. Named “The NFT Bay,” the platform holds a collection of images, in JPEG format, of NFTs instead of the NFTs themselves.
The software developer, Geoffrey Huntley, launched the project with over 17 terabytes of image copies of NFTs. Ten hours after going live, The NFT Bay attracted more than a million visitors.
Interestingly, the platform borrows heavily from the popular torrent site, The Pirates Bay. The website facilitates downloading of pirated games, movies, among other types of content.
For instance, apart from using the same logo, it uses a similar layout as The Pirate Bay. Huntley noted that The NFT Bay project is for “educational” purposes and has an artistic approach. According to the developer who has turned to be an NFT critic, the project should help those thinking of investing in non-fungible tokens “understand” what “they truly are buying” and hopefully reconsider their decision.
NFTs May not “Have Inherent Value”
Huntley observed that Web 3 is an “amazing” concept, but the technology powering it is “not” living up to the standards. The Aussie software developer said that his project is out to show that NFT investors only hold “nothing more than directions on how to access or download an image.”
Huntley added that most of the images that make non-fungible tokens are “hosted on Web2.0 storage.” According to him, such storage platforms are likely to be inaccessible hence making NFTs less valuable.
However, some in the cryptocurrency community differed with Huntley on where images are stored. For instance, Steve Mitobe, an executive at an NFT-focused platform, told Cointelegraph that NFTs use IPFS (InterPlanetary File System) to facilitate distributed data storage and sharing. IPFS-based storage allows images and associated information to be permanently stored and eliminates a centralized “point of failure.”
However, Huntley’s project and NFT belief has attracted supporters. Some of them applaud the Aussie software developer for helping clear “the notion that NFTs have inherent value.”