OpenSea is an online non-fungible token (NFT) marketplace that allows non-fungible tokens to be sold directly at a fixed price, or through auction, based on Ethereum ERC-721 standard and the layer-2 scaling solution for Ethereum Polygon. Eager to learn more, stay glued as we explore, the net worth, revenue, earnings, assets, and income of OpenSea.
How Much is OpenSea Worth?
- Founded: 2017
- Founder: Devin Finzer and Alex Atallah
- Industry: Cryptocurrency
- Net Worth: $13.3 Billion
- CEO: Devin Finzer
How it Started
Founded in 2017 by Devin Finzer and Alex Atallah, OpenSea is an American online non-fungible token (NFT) marketplace headquarter in New York City. After a 2018 pre-seed round by Y Combinator, the company raised $2.1 million in venture capital.
In December 2020, OpenSea announced that any user can mint NFTs on its platform for free. A few months later, the company announced that NFT collections would no longer need OpenSea’s approval to be listed.
How it is Going
On September 17, 2021, OpenSea released an app for Android and iOS devices. However, the app has limitations as it only allows for browsing the marketplace but not buying or selling NFTs.
OpenSea which is now the largest NFT marketplace by trading volume saw its monthly transaction jump from $1.1 million to an all-time high of $3.4 billion in August 2021. In the third quarter of 2021, NFTs registered $10.7 billion in trading volume – a 704% jump from about $2 billion the previous quarter.
In January 2022, OpenSea acquired Ethereum wallet0maker Dharma Labs and reimbursed users about $1.8 million after a user interface bug allowed users to buy more than $1 million worth of NFTs at a discount. The company also announced that it would use OpenSea’s API to let people create hexagonal shaped profile pictures of their NFTs.
Following a new investment of $300 million, OpenSea has been valued by investors to be worth $13.3 billion.
NFTs are digital assets like artwork tied to the blockchain. While bitcoin tokens are fungible, or replicable, NFTs derive their value from the fact that they’re one-of-a-kind. Some skeptics, however, say there’s no value, and they can simply right-click and save the image.
Who Owns OpenSea?
The two major shareholders of OpeanSea are Devin Finzer and Alex Atallah. Each of them owns an estimated stake of 18% of the company. They also feature on our list of crypto billionaires in the world.
OpenSea Products
NFT Collections including
- Collectibles
- Gaming Items
- Domain Names
- Digital Art
- Other blockchain-baked items.
OpenSea Net Worth, Revenue, Assets, and Income 2023
As of 2023, OpenSea hаs an estimated net worth of $13.3 Billion. Over a four-year period, the company has grown from making a meagre $28,000 per month in commission revenue per month to making millions of dollars as revenue.
OpenSea revenue is derived from a 2.4% commission on transactions. What’s more, OpenSea has about 93 employees on its payroll.
Summary
OpenSea is the largest NFT marketplace by trading volume. With the explosion of the NFT marketplace, the platform is set to experience a surge in its daily online transaction. As of 2023, the company is valued at $13.3 billion, however, we expect the company’s revenue, income, assets, and net worth to increase in the years to come.
