OpenSea Recorded $144.5M in Revenue in Q3, With Creators Benefitting 76% of Funds

OpenSea earned $144.5 million in fees from users, with most of the money going to creators, according to Token Terminal.

In a tweet, Token Terminal disclosed that only $35 million went to OpenSea LLC. This means 76% of the fees went to creators. This isn’t surprising since the NFT marketplace only collects 2.5% of the sale as fees, while creators can set the fees on a collection up to 10%.

Users of @opensea paid $144.5M in fees over the past quarter.

$35M went to OpenSea LLC.

Where did the rest of the money go to?

The creators.https://t.co/9bRI813kpc pic.twitter.com/WydtGcI6Ra

— Token Terminal (@tokenterminal) October 2, 2022

With OpenSea controlling about 90% of the NFT marketplace, trends in the marketplace usually mirror the overall market performance. Over the year, the sales volume has declined, dropping from $5.2 billion in January to around 349 million in September.

The drop in sales volume would have also influenced the fees paid by users and the revenue accrued to the protocol.

The decline in sales volume is due to several factors, such as the bear market, reduced interest in NFTs, and the macroeconomic conditions that have limited the liquidity in the market.

NFT sales volume in September $1.26 billion

In September, the overall NFT sales volume was $1.26 billion, according to Dune Analytics. That’s a drop of 24.4% compared to August.

Most of the volume from September till came from Ethereum with 88%, but Solana appears to be gaining market share. Its share of NFT sales volume rose by 91% in September to reach 10%, while Ethereum fell from 95%. 

The overall number of users grew by 0.5% to over 569k in September. But it is Solana that recorded most of the gain. Its users grew by 41% in the month and are now 155k which is 27% of all NFT users. By comparison, ETH users fell by 9.5% to 393k.

Strong start to October

However, the fourth quarter of the year might turn the tide if we are to judge by market performance in the past day. NFT sales on Ethereum exceeded $10 million in the past 24 hours, with 18,895 transactions. This is a 30% increase compared to the previous time frame.

Ethereum NFT sales surpass $10M in the past 24H, a 30% change from the prior timeframe.

Data by @cryptoslamio. pic.twitter.com/XwwEpY09d1

— NFTgators (@NFTgators) October 2, 2022

Other major networks have also seen an increase in their NFT sales. On Solana, the sales volume for NFT is up by 28%, while that of BNB Chain is up by 27% in the past 24 hours. That means Solana NFT sales in the past day are $2.1 million while BNB Chain had over $119k.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

The post OpenSea Recorded $144.5M in Revenue in Q3, With Creators Benefitting 76% of Funds appeared first on BeInCrypto.

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