Last year saw non fungible tokens rise to prominence as more and more people put money into a variety of NFT projects across the market.
2022 shows no signs of that slowing down with NFT marketplace OpenSea having one of its most profitable days on Monday with the popular Bored Ape Yacht Club collection crossing US$1 billion in sales.
January 3rd saw a sum total of US$255 million swap hands on the OpenSea platform, which is the highest trading volume its experienced since August last year.
During August 2021, NFTs really hit a peak and slowed down considerably afterwards.
Total sales of digital art from the Bored Ape Yacht Club collection crossed US$1 billion after sales on the first few days of January reached highs not seen since November, according to figures from CryptoSlam.
To give an idea of the upswing, the first days of January 2022 have seen a turnover of US$54 million compared to the entire month of December 2021, where around US$150 million came in.
The Bored Ape Yacht Club collection, in particular, has gained traction as several celebrities, including rapper Eminem and NBA superstar, Steph Curry, made sizeable purchases.
Meanwhile, OpenSea – an online platform where users can buy and sell NFTs – now has the largest trading volume for NFTs on the Ethereum blockchain.
However, while OpenSea is enjoying its recent success, many users have criticised it for its costly transaction fees, which amounts to a 2.5 percent commission on each sale.
Brisbane Crypto Café
A local Brisbane café has become the first of its kind to accept cryptocurrency as payment.
Crypto Coffee seems to have fully embraced the crypto trend, even going so far as to name menu items after popular digital currencies.
Customers can order XRP smashed avo on toast, Doge BLT sandwich and the Ethereum ham, cheese and tomato toastie.
Customers at Crypto Coffee can also sign up to Swyftx platform to receive AU$20 worth of Bitcoin.
Altcoin News
While Bitcoin continues to sink lower, dropping below US$46,000 this morning, a handful of altcoins are making significant gains, particularly those in the DeFi sector.
Data from CoinMarketCap shows the Woo Network, Ravencoin and yOUcash all rising by over 20 percent in the past 24 hours.
Meanwhile, Everest, which is a blockchain that enhances economic inclusion looks to be following a bullish trend in the first days of the year.
Winners and Losers
Note: Growth from the 24 hours prior to 12:30pm AEST
Source: Coinmarketcap.com, based on top 100 cryptos.
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