OpenSea Generated $144 Million in Q3 Despite NFT Market Lull
Despite the ongoing market downturn, non-fungible token (NFT) marketplace OpenSea has managed to report some $144.5 million in fees for the third quarter of this year.
Between July and September 2022, the business posted revenues of some $35 million, as indicated by figures released by crypto asset data platform Token Terminal.
The positive figures for the third quarter of this year are good news for the company behind the marketplace, OpenSea LLC, but also for the legions of NFT creators who have successfully sold their tokens through OpenSea during the three-month period.
“Where did the rest of the money go to? The creators,” Token Terminal tweeted.
At the same time, it must be noted that the latest results reported by the world’s first NFT marketplace are significantly lower than those OpenSea was posting before the current downturn. Data released by crypto analytics business Dune Analytics shows that in January 2022, the platform reported a monthly sales volume of $4.86 billion worth of ethereum (ETH), its record level to date.
Meanwhile, the marketplace continues to look for new streams of revenue by establishing partnerships with major entertainment industry players such as Warner Music Group (WMG). Last week, OpenSea and WMG unveiled the team-up, declaring it would “provide a platform for select WMG artists to build and extend their fan communities in Web3”.
As part of this cooperation, WMG artists are to be provided with early access to OpenSea’s new drops product, enhanced discoverability, as well personalized storytelling on customized landing pages, according to the two partners.