“The biggest marketplace for non-fungible tokens OpenSea’s fees in Q3 are reported as $144.5 million.”
The news about the current state of NFT sales volume compared to the beginning of the year has been talked about for a week now.
While the numbers on the reports on the topic might look glum, for people familiar with the crypto environments, these kinds of times are the era when the sector innovates and progresses more.
As the concept and application of NFTs is still evolving each and every day, the long-term gains and impact are some of the reasons that still make NFTs valuable assets.
OpenSea and the state of NFTs
The biggest marketplace for non-fungible tokens OpenSea’s fees in Q3 are reported as $144.5 million.
OpenSea’s revenue between the months of July and September has been reported as $35 million.
This news is sure to make both OpenSea and the NFT creators who have made sales during this three month period happy. It can surely bolster the morale of involved parties as the general direction of the market might discourage some.
According to Token Terminal, the $109.5 million has gone to the creators themselves. While the general sales volume might be down, as creators still can sell their works, this encourages them to be more creative, innovative, and create more.
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?
— Token Terminal (@tokenterminal) October 2, 2022
While one can look at the state of the platform with optimism, OpenSea had the best time in its lifetime right before the downturn happened. According to some third party analytics on OpenSea, the monthly sales volume that the NFT marketplace reported in January 2022 was $4.86 billion. This number was measured in the rate of ETH at the time. It was also the best performance that OpenSea has ever had.
The downturn, however, is only pushing the marketplace to forge new partnerships to move forward and create new means of revenue. One big example of it is the partnership they have with Warner Music Group (WMG), a huge entertainment firm.
Oana Ruxandra, Chief Digital Officer & EVP of Business Development at WMG said in the company’s announcement of the team-up, “Fundamental to music’s DNA, is community – it’s artists and fans coming together to celebrate the music that they love. Our collaboration with OpenSea helps to facilitate these communities by unlocking Web3 tools and resources to build opportunities for artists to establish deeper engagement, access, and ownership.”
With this joining of forces, OpenSea will provide early access to new drops, customized landing pages, and further discoverability to WMG artists.