OpenSea: NFT creators earned over $1 billion in fees this year
Less than a decade since the creation of the first NFT, namely Quantum, which was created by Anil Dash and Kevin McCoy back in May 2014, this field has taken off to reach impressive dimensions. The first NFT project, Etheria, arrived in 2015 and remained in the dark until mid-March 2021, when it generated around $1.4 million in sales. The market stopped in 2022 after two years of solid growth. Although NFT sales took a sharp dive compared to 2021 in mid-2022, OpenSea reports that creators earned over $1 billion this year (through November 23rd, to be exact).
The impressive figure mentioned above only includes the revenue generated by creator fees from the resale of their NFTs. In many cases, NFT creators also profit from sponsorships, engagement incentives and grants. According to OpenSea’s data, only 20% of the $1.1 billion generated this year went to the top 10 NFT collections. This peak is based on creator fee-based revenue from the collections, and nothing else.
In the future, OpenSea plans to fully release the drops minting experience with the goal of “expands the canvas for storytelling” and improve the platform experience for both creators and their followers. For now, this remains one of the more interesting NFT-related projects to keep an eye on, and only time will tell if the market can return to its former glory.
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