Opensea Users Paid $144.5 Million In Fees In Q3

Users paid OpenSea $144.5 million in fees, with the majority of the money going to the creators.

Token Terminal revealed that just $35 million was sent to OpenSea LLC. This indicates that creators received 76% of the fees. This is hardly unexpected given that the NFT marketplace only takes 2.5% of the sale as fees, whereas creators can set fees on collections of up to 10%.

With OpenSea dominating over 90% of the NFT business, market developments often reflect the overall market performance. Sales volume has decreased year on year, falling from $5.2 billion in January to about 349 million in September.

The decrease in sales volume would have altered user fees and income accrued to the protocol.

The drop in sales volume is attributed to various causes, including the bear market, decreased interest in NFTs, and macroeconomic conditions that have hampered market liquidity.

The total NFT sales volume in September was $1.26 billion. This represents a 24.4% decrease from August.

In September, the total number of users increased by 0.5% to over 569,000. However, the majority of the increase was reported by Solana. Its monthly user base increased by 41% to 155,000, accounting for 27% of all NFT users. Meanwhile, the number of Ethereum users declined by 9.5% to 393,000.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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