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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

Business News

Stanbic IBTC Begins Sale of N20bn Series 3 Commercial Paper

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Stanbic IBTC bank

By Dipo Olowookere

Stanbic IBTC Bank Plc has commenced the sale of its series 3 commercial paper under its N100 billion multicurrency commercial paper programme.

The financial institution intends to sell N20 billion worth of the corporate debt instrument to interested investors in a period of one week.

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Subscription for the commercial paper commenced on Thursday, January 20, 2022, and will end on Thursday, January 27, 2022, according to details of the exercise obtained by Business Post.

It was gathered that the tenor of the commercial paper is 269 days, maturing on Thursday, October 27, 2022, and it is with a discount rate of 9.00 per cent and an implied yield of 9.64 per cent.

Subscription for the Stanbic IBTC series 3 commercial paper is a minimum of N5 million and subsequent addition of N1 million.

According to the programme memorandum, the net proceeds from the paper would be used solely to support the company’s short-term funding requirements, as part of its asset and liability management strategy for its banking operations.

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As for the payment at maturity, the issuer said only noteholders named in the register as at the close of business on the relevant last day “shall be entitled to payment of amounts due and payable in respect of notes.”

Stanbic IBTC Bank PLC emerged from the merger of Stanbic Bank Nigeria Limited with IBTC Chartered Bank Plc in September 2007.

IBTC Chartered Bank Plc was itself a merger of three institutions (Investment Banking &Trust Company Plc (IBTC Bank), Chartered Bank Plc. and Regent Bank Plc.).

Stanbic IBTC Bank offers its clients a wide range of commercial banking products through its 180 branches spread across every state in Nigeria, and via a range of self-service channels powered by sophisticated technology to bring convenient banking to clients.

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The lender is also a key player in financial inclusion and is poised to take banking to the doorsteps of its clients in different personal and business categories who desire bespoke banking services.

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Business News

Bolarinwa Emerges ACAMB President, Vows to Reposition Group

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Rasheed Bolarinwa ACAMB President

By Dipo Olowookere

The Head of Corporate Communications of Polaris Bank, Mr Rasheed Bolarinwa, has emerged as the new president of the Association of Corporate Affairs Managers of Banks (ACAMB).

He was among the new executives of the group elected at the Annual General Meeting (AGM) of ACAMB held on Thursday, January 19, 2022, at the Bankers’ House, CIBN Building, Victoria Island, Lagos.

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He and other excos will pilot affairs of the umbrella association of communications and marketing professionals working in Nigeria’s banking sector for the next two years.

Others elected were First Bank’s Mr Oze K. Oze as the First Vice President, Mrs Lola Egboh of First City Monument Bank (FCMB) as the Second Vice President, while the new Secretary-General is Mr Sipe Babajide of Ecobank.

The position of Assistant Secretary-General was won by Mr Omede Odekina of the United Bank for Africa (UBA), while Mr Patrick Osilaja of Fidelity Bank emerged as the Financial Secretary.

Wema Bank’s Mrs Funmilayo Falola was elected as the new Treasurer, Mr Abdul Imoyo of Access Bank will serve as the Publicity Secretary, while Mrs Ozena Utulu of Heritage Bank will assume the role of Social Secretary.

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In addition, the immediate past president of the group, staff from the Central Bank of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC) and the Chartered Institute of Bankers of Nigeria (CIBN) will serve as ex-officios.

In his post-election acceptance speech, the new ACAMB president assured members that he would reposition the association as a foremost professional body they would all be proud of, adding that his vision also includes innovating a post-retirement strategy that ensures members have a sustainable livelihood long after exiting the industry.

“I will be committed to my vision, which is to reposition ACAMB as a foremost professional Association that encourages and ensures every marketing communications professional in the Banks aspires and attains the highest level of professional recognition and fulfilment on the job while at the same time being assured of a sustainable livelihood long after exiting the industry,” he stated.

Mr Bolarinwa, who served in the past executive as a two-term Secretary-General, restated his commitment to the upliftment of members in line with his electioneering promises anchored on the four-pillar themed PEAL: Partnership & Platform, Engagement, Advocacy, and Learning & Value-addition (PEAL).

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The new President further assured that ACAMB under his leadership would seek partnerships and platforms among strategic institutions and stakeholders with a view to delivering value to members, as well as enhancing professionalism.

He also said his team would embark on advocacy aimed to deepen awareness and knowledge of the banking industry and its contributions to national socio-economic growth.

Earlier, the Chairman of the ACAMB Electoral Committee, Mr Segun Shonubi, said all aspirants for the advertised position had met minimum requirements as outlined in the association constitution and, therefore, qualified to stand for the election.

A 1996 graduate of Mass Communication, Mr Bolarinwa holds a Master’s degree from the University of Ibadan and an MSc degree from the UNESCO-certified Mass Communication department of the University of Lagos.

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He is a member of numerous professional bodies, including Fellow of the National Institute of Marketing of Nigeria (NIMN); Registered Practitioner, Advertising Practitioners Council of Nigeria (APCON), and Member, Nigerian Institute of Public Relations (NIPR).

He has also attended several high-impact function-specific and leadership training at top business schools in Nigeria and overseas.

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