The interest in NFTs has surged in popularity in 2021.
The biggest winner that came out of it is OpenSea.
OpenSea is the first and largest marketplace for NFTs (non-fungible tokens).
It’s also known as an eBay for cryptocurrency assets.
People use it to buy collectibles, gaming items, and other virtual goods supported by a blockchain.
Notable NFT projects include CryptoPunks, Bored Ape Yacht Club, and VeeFriends.
As of early 2022, these projects have a total traded volume of 820k+, 380k+, and 40.4k+ ETH respectively.
CryptoPunks alone has hit more than $2 billion USD in sales.
This article contains 10 OpenSea statistics that you need to know in 2022—its users, revenue, funding rounds, and more.
- How many users does OpenSea have?
- When was OpenSea created?
- OpenSea revenue
- How does OpenSea make money?
- How many employees does OpenSea have?
- What is OpenSea worth?
- Who founded OpenSea?
- Is OpenSea a public company?
- Which country uses OpenSea the most?
- OpenSea traffic
1. How many users does OpenSea have?
OpenSea has over 600,000 users as of early 2022, up from 4,000 users in March 2020.
According to SimilarWeb, the site attracts more than 120 million visitors per month.
OpenSea’s popularity is associated with the rise of NFTs.
Queries like “NFT art”, “crypto art”, and “NFT OpenSea” have broken out on Google.
The highest interest in NFTs by region is China, Hong Kong, and Singapore respectively with the US being number 15 on the list.
Social media platforms have also increased the popularity of NFTs from conversations referring to them as a scam to how they’ll change the world.
Here are some other controversial tweets about NFTs:
- 296k likes — Right-click and saving NFTs by @NotABigJerk.
- 224k likes — “NFTs are a scam” by @itchio.
- 152k likes — “Mr. Krabs would do NFTs” by @JellyFishEdm.
The most influential celebrities in the NFT space include Mark Cuban, Gary Vee, and Snoop Dog.
Their NFT portfolio is estimated to be worth $500 million, $100 million, and $19 million respectively.
2. When was OpenSea created?
OpenSea was created in 2017 by Alex Atallah and Devin Finzer.
It is headquartered in New York City (SoHo) and it has another office in San Francisco.
The OpenSea beta launch was in December 2017.
This made them the first open marketplace for NFTs on the Ethereum blockchain.
3. OpenSea revenue
OpenSea did about $365 million in revenue in 2021 (from Ethereum transaction fees).
This is up from $525,000 in estimated revenue in 2020.
According to dune.xyz, OpenSea had an Ethereum transactional volume of about $14 billion ($14,635,955,043) in 2021.
Here’s how the Ethereum transactional volume in 2021 is calculated:
8072866 + 96731289 + 148017660 + 95779027 + 138917885 + 150308148 + 328964751 + 3421842867 + 2990956751 + 2546831757 + 2161226614 + 2548305428 = 14635955043According to OpenSea, they take 2.5% of every transaction.
This means that they did about $360 million in revenue in 2021 from Ethereum transaction fees.
Here’s how OpenSea’s revenue in 2021 is calculated:
14635955043 x 2.5% = 365898876.075According to Devin Finzer, the co-founder and CEO of OpenSea, OpenSea did about $21M in total transaction volume in 2020.
This means that OpenSea’s revenue was about $525,000 in 2020.
Here’s how OpenSea’s revenue in 2020 is calculated:
21000000 x 2.5% = 525000 4. How does OpenSea make money?
OpenSea makes money from transactional fees.
The marketplace charges 2.5% on every transaction.
For example, if you sell an NFT for $100, OpenSea takes $2.50.
OpenSea’s fee structure is similar to other NFT marketplaces like Rarible.
5. How many employees does OpenSea have?
According to Y Combinator, OpenSea has about 110 employees.
Notable employees include Daniel Roelker (VP of Engineering) and Joshua Wu (founding engineer).
OpenSea has two offices—one in New York City (SoHo) and the other in San Francisco.
If you’re interested in joining OpenSea, you can view their open positions here.
6. What is OpenSea worth?
OpenSea is valued at $13.3 billion (as of early 2022) after a $300 million Series C round led by Paradigm and Coatue.
Before the round, Newcomer announced that OpenSea is eyeing a $13 billion valuation.
Devin Finzer, the co-founder and CEO of OpenSea said that the funds will be used for 4 main goals.
This includes accelerating product development, improving customer support/safety, investing in the NFT/Web 3.0 community, and growing their team.
According to Crunchbase, OpenSea has a total of 9 funding rounds with a total funding amount of $427.2M.
OpenSea is backed by top firms including Andreessen Horowitz, Y Combinator (W18), and Founders Fund.
They are also backed by angel investors like Mark Cuban (entrepreneur and investor), Alexis Ohanian (co-founder of Reddit), and Kevin Durant (American professional basketball player).
7. Who founded OpenSea?
OpenSea is founded by Devin Finzer and Alex Atallah in 2017.
Before founding OpenSea, Devin worked as a software engineer at Pinterest.
He also founded a couple of other companies including Iris Labs and Claimdog (acquired by Credit Karma).
On the other hand, Alex Atallah was previously working in Palantir (Forward Deployed Engineer), Zugata (Lead Frontend Engineer), and Whatsgoodly Inc. (CTO).
8. Is OpenSea a public company?
No, OpenSea is not a public company.
According to Brian Roberts, OpenSea is not planning on going public anytime soon.
This means that it’s not possible to buy OpenSea shares on the stock market yet.
However, with its incredible profit and loss statement and rapid growth, it’s not surprising that OpenSea will file for an IPO in the future.
9. Which country uses OpenSea the most?
According to SimilarWeb, the United States uses OpenSea the most.
The United States contributes 23% to OpenSea’s total traffic.
The second country that uses OpenSea the most is Canada at 4.76%.
This data is based on the desktop version of OpenSea.
10. OpenSea traffic
Here are some quick statistics about OpenSea’s traffic:
- As of November 2021, opensea.io has an estimate of 121 million monthly visitors.
- OpenSea is the 211th most popular site in the world (as of Feb 2022).
- OpenSea is the 310th most popular site in the United States (as of Feb 2022).
- The average visit duration of the site is 9 minutes and 26 seconds.
- The majority of OpenSea’s traffic is coming from the US (23%).
- 63% of OpenSea’s traffic is from Direct.
- 9.8% of OpenSea’s traffic is from Social Media.
- Twitter accounts for 61% of OpenSea’s social traffic.
- YouTube accounts for 18.8% of OpenSea’s social traffic.
- 7.7% of OpenSea’s traffic is from Referrals.
Conclusion
OpenSea hit a record-breaking transactional volume and revenue in 2021.
In Jan 2021 alone, they had an Ethereum transactional volume of $4.95 billion (according to dune.xyz).
According to David Finzer, OpenSea’s transactional volume increased over 600x in 2021 due to the surge of interest in the NFT ecosystem.
Although OpenSea is valued at $13.3 billion in early 2021, it will depend on its sustainability.
Currently, NFTs are still fairly new with a ton of controversies and a lack of regulation.
In time, we’ll know if it’ll continue growing or it’s just a passing fad.
