The NFT trading platform OpenSea has been doing just fine despite the crypto winter. While the May collapse turned the NFT market into a ghost town after slashing trading volume by 99%, the last two months have been profitable for OpenSea with the company making $35 million in revenue from fees just over the last three months. Over $109 million was paid to creators selling their work on the platforms.
The biggest NFT trading platform is back on track
After a disastrous conclusion of the second quarter, the company was barely making any profits with NFT sales dropping across the board with notable exceptions like the BAYC and CryptoPunks. Many collections dipped to their all-time lows very quickly. Many experts said that the industry couldn’t recoverer, but the following quarter proved many wrong with trading volume breaching the $1.2 billion milestone by September.
Note that overall sales have decreased massively. In January, at the peak of the NFT craze, sales eclipsed $5.2 billion. The September numbers are much lower with only $349 million in sales (15 times less than in January). The overall NFT sales volume reached an impressive $1.26 which is about 24% less compared to August when the first wave of Reddit NFTs dropped. The reduction is closely tied to the situation in the crypto market with Ethereum and Bitcoin also conceding ground to bears.
Interestingly enough, the NFT space was dominated by Solana while Ethereum saw a notable decline in users. Another hit to the second-biggest network in the market that has been struggling to regain any ground ever since the implementation of the merge with the Beacon network.
OpenSea should prepare for more
The NFT industry is seeing an unexpected renaissance with Reddit, Starbucks, Disney, Nike, and many other corporations looking into using NFTs in their products in one way or another. Successful projects like Fantasy games using NFT cards (Bundesliga and La Liga have such games) also paint a bright image of the future for NFT marketplaces like OpenSea. Hopefully, it will continue growing.
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