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

NFT

OpenSea earned $144.5 million in charges from customers, with many of the cash going to creators, in line with Token Terminal.

In a tweet, Token Terminal disclosed that solely $35 million went to OpenSea LLC. This implies 76% of the charges went to creators. This isn’t shocking for the reason that NFT market solely collects 2.5% of the sale as charges, whereas creators can set the charges on a group as much as 10%.

With OpenSea controlling about 90% of the NFT market, traits within the market often mirror the general market efficiency. Over the 12 months, the gross sales quantity has declined, dropping from $5.2 billion in January to round 349 million in September.

The drop in gross sales quantity would have additionally influenced the charges paid by customers and the income accrued to the protocol.

The decline in gross sales quantity is because of a number of components, such because the bear market, diminished curiosity in NFTs, and the macroeconomic circumstances which have restricted the liquidity available in the market.

NFT gross sales quantity in September $1.26 billion

In September, the total NFT gross sales quantity was $1.26 billion, in line with Dune Analytics. That’s a drop of 24.4% in comparison with August.

A lot of the quantity from September until got here from Ethereum with 88%, however Solana seems to be gaining market share. Its share of NFT gross sales quantity rose by 91% in September to achieve 10%, whereas Ethereum fell from 95%. 

The general variety of customers grew by 0.5% to over 569k in September. However it’s Solana that recorded many of the acquire. Its customers grew by 41% within the month and at the moment are 155k which is 27% of all NFT customers. By comparability, ETH customers fell by 9.5% to 393k.

Robust begin to October

Nonetheless, the fourth quarter of the 12 months may flip the tide if we’re to evaluate by market efficiency previously day. NFT gross sales on Ethereum exceeded $10 million previously 24 hours, with 18,895 transactions. This can be a 30% improve in comparison with the earlier timeframe.

Different main networks have additionally seen a rise of their NFT gross sales. On Solana, the gross sales quantity for NFT is up by 28%, whereas that of BNB Chain is up by 27% previously 24 hours. Meaning Solana NFT gross sales previously day are $2.1 million whereas BNB Chain had over $119k.