BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

OpenSea Generated $144M In Fees Despite Market Downturn

BlockNews Team by BlockNews Team
October 4, 2022
in Business, Finance, NFT
Opensea-app
Share on TwitterShare on Reddit

OpenSea, the largest NFT marketplace in the world, has managed to report nearly $144 million in fees collected during the third quarter of 2022 (Q3/2022), despite the crypto winter. This is an impressive performance since the crypto market has been locked in a bear market which continues to increase the risk of NFTs. 

OpenSea LLC Bagged $35 Million In Revenues

According to data from Token Terminal, a crypto asset platform, OpenSea collected a tune of $143.8 million in transaction fees between July and September 2022. The renowned NFT marketplace was third behind the now proof-of-stake Ethereum platform, which collected $264.7 million, and Solana $145.3 million in fees. 

Top Token Terminal

The data also revealed that OpenSea posted some $34.8 million in revenues. It appears that OpenSea is the only top 10 platform among those tracked by Token Terminal to post positive earnings amidst a market downturn. The only other leading platform with positive earnings was MetaMask, ranked 11 in terms of fees generated, with $9.9 million in earnings posted over the last quarter. 

The positive numbers posted in the third quarter are good news for the NFT company and the millions of NFT creators who depend on the platform to sell their tokens. 

In an October 2 tweet, Token Terminal appreciated the positive earnings by OpenSea, saying that of the almost $144 million collected in fees, $35 million went to OpenSea LLC while the remaining went to the creators. The tweet read:

“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.”

Apart from the OpenSea investors and founders, NFT creators who sell their artwork on the marketplace had a reasonably good third quarter in 2022. 

Meanwhile, it is essential to note that the quarter three results for the world’s pioneer NFT marketplace are significantly lower than the platform posted before the crypto market crash that started in May this year. In January 2022, OpenSea reported a record monthly sales volume of $4.857 billion in Ethereum (ETH), according to data from crypto analytics firm Dune Analytics. 

NFT Trading Volume on OpenSea Still At Record Lows

Despite the positive revenues, data from DappRadar reveals that NFT trading volume on OpenSea has been dropping over the last quarter. OpenSea processed approximately $8.38 million worth of non-fungible tokens (NFTs) on September 30, tanking about 97% from its record high of $405.74 million reached on May 1. This is still 95% below the $193.27 earned on January 26. This was the highest NFT trading volume recorded in January. 

Similarly, the number of users has plummeted from around 49,500 in January to 24,590 on September 30. Daily transactions have also plunged 35.9% from 85,500 to 54,000 over the same period. 

Volume of Opensea

The massive declines in daily trading volumes, number of users, and transactions suggest that the value and interest of NFTs have diminished over the last three months due to the crypto market downturn.  

The declining NFT trading volumes come at a time when cryptos and U.S. equities are struggling with recovery as investors drop off risky assets over fears that increased interest rates and runaway inflation would force world economies into a recession. In the meantime, OpenSea and the creators that use the platform can enjoy the earnings made in Q3/2022. 

Tags: NFTNFTsopensea
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

Nasdaq Billboard in times square
Crypto

SEC Extends Deadline for ARK 21Shares Spot Bitcoin ETF Decision to January

September 28, 2023
HTX Logo
Business

HTX Records $7.9 Million Loss, Implores Hackers to Return Stolen Funds

September 28, 2023
Eth Logo overlooking Earth
Business

Celo Considers Transition to Ethereum Layer 2 Via Polygon Chain

September 28, 2023
Kucoin Logo with Digital Background
Business

KuCoin Crypto Exchange Breaks 30M Users as the Exchange Celebrates its 6th Anniversary

September 28, 2023
Binance Logo with Red Market Charts
Business

Binance Fully Exits Russia, Sells Business to CommEX

September 28, 2023
Hydranet Page Layout
Business

Hydranet Launches First Layer 3 DEX: A Game Changer for Trustless Cross-Chain Trading 

September 28, 2023
Load More
Next Post
Crypto-Scams

Delaware Freezes 23 Accounts Associated with String of 'Pig Butchering' Scams

Binance-Logo

Binance to Train Law Enforcement on How to Stop Cryptocurrency Crime

Dubai

The Blockchain Economy Dubai Summit

Related News

How promising is the UK’s new plan to become a Crypto Hub?

How promising is the UK’s new plan to become a Crypto Hub?

June 27, 2022
Cardano-Bull

Cardano (ADA) Price Surges After Vasil Fork Confirmation.

September 15, 2022
Bitcoin Sheikh

Brazil Police Close Down on “Bitcoin Sheikh” For $766 Million Crypto Theft.

October 13, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter Instagram TikTok
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • SEC Extends Deadline for ARK 21Shares Spot Bitcoin ETF Decision to January September 28, 2023
  • HTX Records $7.9 Million Loss, Implores Hackers to Return Stolen Funds September 28, 2023
  • Celo Considers Transition to Ethereum Layer 2 Via Polygon Chain September 28, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?