OpenSea Earns $144.5 Mln Fees in Q3 of 2022

PersonOutlineIconUPYO.comCalendarTodayIcon October 2, 2022AccessTimeIcon 3 Mins Read
PersonOutlineIconUPYO.comCalendarTodayIcon October 2, 2022AccessTimeIcon Mins Read
OpenSea

OpenSea

OpenSea, the world’s first and biggest crypto collectibles and non-fungible tokens (NFTs), earned $144.5 million in the third quarter of 2022 in fees from users as most of the money goes to the creators, the Token Terminal platform said. 

According to Beincrypto, OpenSea’s profits reached only $35 million, which means 76% of the total fees go to the creators. 

It is worth mentioning that OpenSea only collects fees worth 2.5% of the sale, while creators can set up to 10% as fees on a collection.

However, the overall sales on OpenSea, during this year, declined from $5.2 billion in January to about 349 million in September. 

Beincrypto attributed the reasons for the decline to several factors, including the bear market, the macroeconomic conditions that affected the liquidity in the market, and the reducing interest in the NFTs. 

The Volume of NFT Sales This Month 

In September, the volume of NFT sales was $1.26 billion, with a decrease of 24.4% compared to August, according to Dune Analytics. 

About 88% of the total NFT sales goes to Ethereum in September, a drop of 5% compared to 95% in August, while Solana hiked 6% in September to reach 10% of the total sales after it was only 4% in August. 

Moreover, the number of users went up 0.5% to record more than 569,000 in September. Ethereum users fell by 9.5% to reach 393,000, however, Solana users increased by 41%, amounting to 155,000, representing 27% of the total users in September, while they were 19% in August. 

Beincrypto pointed to a strong start in October for the NFTs, indicating that NFT sales on Ethereum surpassed $10 million over the past 24 hours, with 18,895 transactions. 

In addition, sales on Solana increased by 28%, recording $2.1 million in 24 hours.

It is worth noting that the volume of trade of NFTs went down around 97% since the beginning of 2022, according to figures released by Dune Analytics

Dune’s figures showed a decline in the trading volume from $17 billion in January this year to $466 million in September, reflecting the loss of about $2 trillion in the market capitalization of the crypto market between November 2021 and July 2022. 

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