According to The Block Data Dashboard, NFT trading on OpenSea in January surpassed the $1.36 billion mark in 10 days.

The highest volume of the OpenSea platform was recorded in August of 2021 with $3.16 billion. 20 days before the end of the month, January may set a new record.

The NFT market rebounded in December after a four-month decline in activity. The trend continues in 2022. This trend has become even more pronounced with increasing demand for certain NFT collections such as the Bored Ape Yacht Club. In just 10 days, 100 million dollars of Bored Ape NFT transactions took place.

OpenSea

With MoonPay's $3 million purchase of CryptoPunk at the beginning of January, there has been a huge increase in other collectibles as well. These increases in the NFT market did not find a response in the crypto market. Its market cap fell below $2 trillion for the first time since September.

Binance introduced a new mechanism for its NFT platform

Seeking to ensure inclusive and fair participation for all NFT enthusiasts, Binance has introduced a new mechanism for its NFT platform.

According to Binance's official announcement, the NFT platform has radically changed the registration model. The new design is set to guarantee fair and inclusive opportunities for all BNB holders.

Binance Nft

The new mechanism consists of four phases: Preparation, Subscription, Calculation and Deployment. During the “Preparation” phase, users will keep their average daily BNB balance for a predetermined period of time. The exact volume of BNB to be stored will be determined by the team behind the sale.

During the “subscription” phase, all eligible users will be invited to reserve an allocation. Allocations will be distributed through a lottery mechanism. Users will lock BNB for the purpose of purchasing tickets for sales. During the “Calculation” phase, the system will select the winners. Lucky participants will be able to make NFT reservations in proportion to the number of tickets they purchase.

Finally, new NFTs will be transferred to the winners during the “Delivery”; The remaining BNBs will be refunded to spot accounts on Binance (BNB).