earns $144.5M in fees, creators earn 76% in Q3 2022

OpenSea recently announced its 3rd quarter sales of the year 2022. According to the source, the largest NFT marketplace earned $144.5 million in fees, while creators earned 76% of the estimate.

Despite OpenSea’s market volume drop, the platform managed to earn a good amount of money but not enough compared to January or last year’s record sales.

OpenSea has always been a pro-creator platform giving artists the freedom to earn their living without any third-party involvement; however, it does charge a 2.5% sale fee for posting NFTs.

The creators have the choice to set their NFT sales fees as high as 10% while Opensea only takes 2.5% of it, giving them a chance to earn their worth.

Nonetheless, creators would have earned more if the overall market volume was up. In the 3rd quarter, OpenSea managed to earn only $349 million; in January it recorded $5.2B in sales.

The alarming decline in NFT volume sales has caused a lot of stress to the creators because this is obviously their source of living. Till September, OpenSea failed to hike up and dropped 90%.

According to Dune Analytics and Dappradar, OpenSea’s overall market volume has dropped to $1.26 billion. This is a huge decline for an NFT platform that takes up 90% of the market.

In October, the fourth quarter of 2022 will begin and define the future of the NFTs. Although the community and surveys report a popularity rise in NFTs, the market volume will give the answer.

Compared to OpenSea, Solana has gained in NFT revenue and other marketplaces are also rising on the charts. OpenSea has to overcome the low revenue to maintain its position as no.1.


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