OpenSea records $144.5 million in the third quarter; 76% of funds went to creators – BeinCrypto Global

According to Token Terminal, the OpenSea NFT platform generated $144.5 million in fees from users, with most of the money going to creators.

In a tweet, Token Terminal revealed that only $35 million remained in the hands of OpenSea LLC. This means that 76% of the fees went to the creators. This data is not surprising, however, given that the NFT marketplace only collects 2.5% of the sale as a fee, while creators can set commissions on a collection of up to 10%.

With OpenSea controlling approximately 90% of the NFT market, trends on the platform generally reflect overall industry performance. During the year, however, sales volume declined from $5.2 billion in January to around $349 million in September.

The drop in sales volume is also said to have influenced the amounts of fees paid by users, as well as the revenue of the protocol.

The decline in sales volume was due to several factors, including the bear market, declining interest in NFTs, and macroeconomic conditions that limited market liquidity.

NFT Sales Volume Hits $1.26 Billion in September

In September, according to Dune Analyticsthe overall NFT sales volume reached $1.26 billion. This is a decrease of 24.4% compared to August.

Since September so far, most of the volume has come from Ethereum, at 88%. That said, Solana seems to be gaining market share: its share of NFT sales volume for its part increased from 91% in September to 10%, while Ethereum fell by 95%.

The total number of users increased by 0.5% to over 569,000 in September. However, Solana recorded most of that gain. Its users grew by 41% during the month and now stand at 155,000, or 27% of all NFT users. By comparison, ETH users fell 9.5% to 393,000.

A start to October with a bang

However, the fourth quarter of the year could be a game-changer, based on market performance over the past day. Indeed, as of Sunday, October 2, NFT sales on Ethereum exceeded $10 million in the past 24 hours, with 18,895 transactions. This is an increase of 30% compared to the previous period.

Other major networks also saw an increase in their NFT sales. On Solana, sales volume increased by 28%, while that on BNB Chain soared by 27% in the past 24 hours. Thus, Solana’s non-fungible token sales over the past day amounted to $2.1 million, while BNB Chain’s sold over $119,000.

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OpenSea records $144.5 million in the third quarter; 76% of funds went to creators – BeinCrypto Global


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