NFTs ruled last year. Recently Google analytics revealed that the search interest for ‘NFT’ surpassed that of the keyword ‘Crypto’. It’s safe to assume that they are mainstream now.
The hype is so real that many celebrities, including influencers, musicians, actors, and notable personalities are involved in it. Many celebrities own one or more NFTs of popular collections, have an exhibition of their own, or both.
- User base
- Trading Volume
- Highest selling NFT
- OpenSea’s Business Model
- OpenSea’s Revenue
- How much is the OpenSea worth?
- Which country uses OpenSea the most?
- Who are the founders of OpenSea?
- How much is the OpenSea’s traffic, and what is its Website rank?
- When will the company go public?
- What is the Market Share of OpenSea?
Technically, they are digital signatures, which are a certificate of authenticity of any digital file. The certificate of authenticity is verified by a Blockchain network in which all ownership details of the particular NFT are recorded.
However, we’re not going to talk all about them today, instead what we’re going to discuss is the marketplace where they are sold. To buy or sell an NFT you need to do it through a marketplace. An NFT marketplace is just like any other auction-based marketplace, but with extra features.
The marketplace for NFT is technically a decentralized application or a dApp. The marketplace uses the blockchain it’s built on for verifying the transactions and transfer of ownership of the particular NFT.
OpenSea – The Largest NFT Marketplace in the World
Marketplaces for NFT have popped up all over the internet, however, as of now, the market leader is by far the OpenSea platform. So in this article, we will talk about the 12 most important OpenSea statistics that you need to know in 2022.
Top 12 OpenSea Statistics To Know
1. User base
The largest NFT marketplace has attracted a lot of attention in the past year. However, what about its performance in 2022? Well, it seems like the platform is still holding its position as the market leader in terms of its user base. As per popular crypto analysis website, DappRadar, OpenSea has had an astonishing figure of more than 490 thousand users in the past month. According to this figure, OpenSea saw a 30% increase in the number of users visiting the platform compared to last month.
2. Trading Volume
Popularity and userbase are fine, but the real reason why OpenSea is the Market Leader is because of its trading volume. According to dune.xyz, a popular Crypto analysis website, OpenSea had $14 billion worth of Ethereum Transactional volume in 2021.
As per DappRadar, OpenSea has had a trading volume of a staggering $4.52 billion in the past 30 days. The actual trade of the NFT happens in Ethereum tokens and the figure is given above is the corresponding value of those 1.53 million Ethereum tokens. Additionally, OpenSea saw a 76% increase in total trading volume compared to last month.
One more important statistic to consider is the number of transactions happening on the platform. DappRadar estimated that a total of 2.66 Million transactions took place on the platform. This is a 28% increase over the past month.
4. Highest selling NFT
Out of the many listed NFTs on the platform, the Bored Ape Yacht Club (BAYC) NFTs are the most valuable and popular. As of now, the most valuable and expensive NFT belongs to the BAYC collection. The Bored Ape #8585 was sold on the platform for $2.7 million in October of last year.
5. OpenSea’s Business Model
You might have thought about the business model that OpenSea or other NFT marketplaces follow. OpenSea makes money by taking a commission on transactions of NFTs.
This transactional fee amounts to 2.5% of the value of the NFT. For instance, on a $1 million NFT sale, OpenSea gets a commission of $25 thousand. This business model is also followed by similar NFT marketplaces like SuperRare and Rarible which charge a transactional fee of 3% and 2.5% respectively.
6. OpenSea’s Revenue
We found out how OpenSea generates its revenue, but now the question is how much revenue does OpenSea generate.
According to dune.xyz, a popular Crypto analysis website, OpenSea had $14 billion worth of Ethereum Transactional volume in 2021. Using this number, we can calculate how much revenue OpenSea Generated. According to these numbers, OpenSea generated a Revenue of close to $350 Million.
Presently, according to DappRadar, OpenSea had an Ethereum Transactional volume of $4.52 billion in the past thirty days. Using this number and calculating the transactional fees, we find an estimate of about $113 million. If this trend continues, the 2022 revenue of OpenSea will far exceed the previous year’s revenue of $350 million.
7. How much is the OpenSea worth?
The BBC has reported that OpenSea is now worth a whopping $13.3 billion, after a $300 million Series C round led by Paradigm and Coatue. Crunchbase reported that the company has raised a total of $427 million in 9 rounds of funding.
The CEO and the co-founder of OpenSea, Devin Finzer, revealed that the company intends to use the funds for four major goals.
The goals include product development, providing better customer support/safety, investing in the NFT/Web 3.0 community, and expanding their Operation and team.
8. Which country uses OpenSea the most?
OpenSea is used the most by Americans. Traffic analysis website SimilarWeb reports that the United States uses the OpenSea the most. Users from the United States account for the traffic of more than 23% of the total traffic that OpenSea has.
However, at the second number, we have US’s neighbor Canada. Canada stands at the second number for generating the most traffic for OpenSea with a figure of 4.76%. This data is provided by SimilarWeb based on the desktop version of OpenSea.
9. Who are the founders of OpenSea?
Devin Finzer and Alex Atallah founded OpenSea in 2017. Devin Finzer now serves as the Company’s CEO. Before OpenSea, he was a software engineer at Pinterest.
He also engaged himself with other projects. Previously, he founded companies called Iris Labs and Claimdog. Claimdog was later acquired by Credit Karma.
Alex Atallah has previously worked for numerous reputed firms. He was the Forward Deployed Engineer in Palantir, the Lead Frontend Engineer at Zugata, and was the CTO of Whatsgoodly Inc.
10. How much is the OpenSea’s traffic, and what is its Website rank?
OpenSea had a figure of 121.7 million visitors in the last 30 days. This is 50% more than the previous month. Last month, OpenSea had about 81.1 Million visitors.
Additionally, OpenSea has placed itself on the list of important and popular websites. Now the website is at 211th rank globally. The website has jumped 132 ranks in the last month to place itself in the 211th spot.
This information was provided by website traffic analysis Platform SimilarWeb.com.
11. When will the company go public?
It is worth noting that OpenSea isn’t a public company, and it will stay private for a while as it seems.
The CFO of the company Brian Roberts in a tweet said that the company has no plans of going public soon.
Sadly, this means that we won’t be able to invest our money in OpenSea stocks in the share market. However, with such a huge volume and profitability, it can be predicted that OpenSea might offer an IPO in the future.
OpenSea is by far the biggest game player in the NFT Marketplace domain. The company commands as much as 95% of the total market share of the NFT environment.
However, OpenSea’s Supreme status is kind of getting challenged by a new game player in the market. An NFT marketplace names LooksRare is giving the company some stern competition lately. Recently, LooksRare surpassed OpenSea’s daily trading volume for a day, after launching its native token.
These were the 12 most important statistics about OpenSea that you need to know in 2022. OpenSea has seen a phenomenal rise in such a short amount of time.
After 2020, with the rising fame of NFTs OpenSea saw a meteoric rise in popularity as well as profitability. The company reported 600 times more revenue in 2021 compared to 2020.
NFTs are still gaining traction however, the lack of regulation and some concerns about scams and Authenticity of them are raising concern amongst NFT enthusiasts. Hopefully, these issues will resolve in the future, and we might see a fruitful NFT business in the coming days.