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NFTs: OpenSea on track to set new trading volume record

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The world’s largest Non-Fungible Token (NFT) marketplace, OpenSea, is set to break its own trading volume record as the platform is on track to exceed $6 billion by the end of the month if the trend continues on Ethereum as its daily trading volume surges.

So far, in just 10 days in 2022, OpenSea’s trading volume for NFTs currently seats at $2.1 billion. This is more than half the total trading volume for the entirety of August 2021, the month where the platform created its first record.

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According to Dune Analytics, in August 2021, the trading volume reached nearly $3.5 billion in that month. Should this trend continue, the marketplace is currently on pace to exceed $6 billion in trading volume for January 2022.

What you should know

The uptick in the trading volume of OpenSea has been driven by the new ‘PhantaBear’ collection, which recorded 17,124.79 ETH ($53 million) in sales over the past seven days. ‘Bored Ape Yacht Club’ collection is a close second place with 16,657.78 ($51.5 million).

Aggregated data from CryptoSlam reveals the ‘Doodles’ collection as the leader in sales across all NFT marketplaces, with nearly $56 million in sales over the past seven days. It currently ranks third in trading volume on OpenSea.

According to Dune Analytics, other key factors contributing to the record pace for OpenSea include the number of active users, which at 260,369 is rapidly approaching the all-time high of 362,679 tallied last month.

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OpenSea has shown that there is still a tremendous amount of room to fill for NFT marketplaces, as trading volumes have remained high for over six months straight and surpassed $4 billion globally over the past 30 days.

Due to OpenSea’s success, alternative marketplaces such as the new LooksRare (LOOKS) and Solana’s Magic Eden are positioning themselves to be top competitors against OpenSea so as to siphon off at least a portion of OpenSea’s volume.

The NFT markets are off to a good start in 2022. Volumes across all platforms tracked by NFT market data source ‘NonFungible’ reveal a steady increase since the first day of the year when total daily sales reached nearly 15,671 items. Between the 7th and 8th of January, sales spiked up from 13,189 to 36,041 NFTs. Daily sales also hit a monthly high of 29,921 NFTs yesterday, the 10th of January 2022.

Bottomline

OpenSea, which has over 1.3 million traders and an all-time volume of $14.68 billion, has seen its valuation increase to $13.3 billion from a valuation of 1.5 billion in July 2021. The new valuation comes as the number one NFT marketplace was looking to raise $300 million in a new funding round in which was led by Paradigm and Coatue.

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This cements OpenSea as one of the most valuable private firms in the cryptocurrency industry and makes the platform more valuable than the likes of AMC Entertainment, Santander Consumer USA Holdings, American Airlines Group and GameStop.

Source: NairaMetrics

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Power Black Aims to Disrupt Nigerian Energy Drinks Market

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Power Black Energy drink

By Adedapo Adesanya

Power Black Energy drink, a Turkish energy drink with a presence in over 35 countries across Europe, Asia, Africa and the Middle East, has landed in Nigeria, being the first and only energy drink in Nigeria with a hygienic cover.

Speaking at a recent launch, the Marketing Manager of Frisson Nigeria Limited, the sole distributor of Power Black Energy Drink in Nigeria, Mr Ojotobor Samuel, said Power Black Energy Drink is a premium energy drink that offers Nigerians needed the power to achieve their goals with class and finesse.

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Mr Ojotobor said as the first and only energy drink with a hygienic cover in Nigeria, Power Black seeks to encourage healthy consumption of energy drinks whereby consumers do not have to finish the can of drink at a go as it can be preserved with the hygienic cover all day long.

The Frisson Nigeria boss said Power Black Energy Drink is made with clean water, sugar glucose syrup, carbon dioxide, acidity regulator (Citric acid & Sodium citrate), Taurine, Vitamins B2, B3, B5 and B6. These ingredients, according to him enrich the human body with desired energy and account for the positive effect on the cognitive performance of every individual.

He added that there is no negative side effect to Power Black energy drink if consumed in moderation and advised Nigerians that it is healthy to consume everything, including water in moderation.

Validating the claims of the distributing firm, a representative of the manufacturer, Ares Gida Manufacturing-Turkey, Mr Recep Yildiz said Power Black Energy drink is made with finest of ingredients and purest of water and it guarantees good health and energy for Nigerians.

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He added that the brand is the leading brand in the energy drinks market of countries like Spain, Germany, United Arab Emirates, Kuwait, Qatar, Jordan, Chad, Ghana, Ivory Coast and Mali.

As the latest entrant in the Nigerian market, the company has noted that the brand will soon take its leadership position in Nigeria.

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Konga represents stretch factor in Nigerian e-commerce – Ibukun Awosika

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1642538704 Ibukun Awosika

Mrs. Ibukun Awosika, a serial entrepreneur and former Chairman, First Bank of Nigeria Plc., has hailed Konga, Nigeria’s leading composite e-commerce giant as a stretch factor that has taken on and surmounted huge challenges, while positively disrupting the face of e-commerce in Nigeria.

She made the call on Saturday, January 15, 2022, at the Konga Group’s retreat held at the impressive Yudala Heights on Idowu Martins, Victoria Island, Lagos

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Awosika, who was one of the special guests at the half-year business review retreat organized by Konga, heaped praises on the e-commerce giant for bouncing back from a potential exit in 2018 after acquisition by the Zinox Group and restoring hopes among millions of Nigerians in the viability of the e-commerce industry.

‘‘This has proven that we have globally experienced entrepreneurs with capacity to alter our economic destinies. In your journey in life, there are many who would say you cannot do it. But do not pay heed to them. Konga has proved this axiom by showing that nothing is impossible when you set your mind to it. Today, many of us are witnesses to the impressive strides recorded by the company in the e-commerce industry, coming from a near-exit in 2018 to eventually turning profitable.’’

While assessing the resilience, huge strength and adaptability that has seen Konga thrive in a difficult terrain, as well as the huge ambition driving the brand, Awosika drew fitting analogies with quality fabric which often recover to its starting point after being stretched – a process used by garment and furniture makers in working out the stretch factor of individual fabric.

Addressing Management and staff at the session, she said: ‘‘In my opinion, Konga is a stretch factor and a great ambassador for Nigerian e-commerce. I urge you all to remember that as employees, you are the face of the brand and must carry this with mandate with responsibility everywhere you go,’’ she stated.

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Her thoughts were echoed by Mr. Funso Akere, Chief Executive, Stanbic IBTC Capital, who equally identified Konga as a potential leader of African e-commerce, in view of its high ethical standing, current growth trajectory and perception among interested investors.

Konga

‘‘There is a huge opportunity for Konga to assume leadership of the African e-commerce space and sustain it comfortably from what I have experienced. You have a brand that is highly respected, known for its zero-tolerance for unethical practices and one that is growing at a fast pace. There are four things investors look at. First is, the opportunity. The second is the ambition – how big it is. Third is the skills – what are the human resources or assets available and the fourth is the execution or what you would call the process. Under process, you talk about governance and control.

‘‘Konga has done very well in these areas and it is no surprise that some of the biggest investors in the world are interested in the business,’’ he concluded.

In his closing remarks at the exciting two-day retreat which witnessed excellent presentations and thought-provoking conversations, Co-CEO, Konga Group, Nick Imudia, who declared 2022 as the year of partnerships, reiterated the unwavering determination of the entire Management and staff of the company in keeping up the pace of Konga’s fast-paced growth in the e-commerce industry.

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... Konga represents stretch factor in Nigerian e-commerce – Ibukun Awosika Read More on ... Nairametrics.

Source: NairaMetrics

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