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Weekly transaction volumes on Ethereum surged above the $1B mark in December, which was last seen in August. NFTs strong MoM performance in December has carried into January. OpenSea continues to hold 90%+ volume on Ethereum. The NFT activity has been supported by branding endorsements by traditional companies and interest from celebrities. The top collections continue to be ruled by CryptoPunks by Larva Labs and BAYC/MAYC from Yuga Labs.
Last item: the war of the NFT marketplaces. The airdrop of SOS from TheOpenDao which is hoping to challenge OpenSea and LOOKS airdrop from LooksRare which saw a spike in activity after launch. The platform has already exceeded $400M in sales since launch.
Harsharn Singh
Investment Associate | Ember Fund
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