OpenSea Interesting Key Facts
- David Finzer, one of the co-founders and CEO of OpenSea, also co-founded Claimdog, a personal finance app that provides money reclamation service.
- In 2015, Claimdog was acquired by Credit Karma for an undisclosed amount.
- OpenSea is founded by David Finzer and Alex Atallah on December 20, 2017.
- In 2021, David Finzer was ranked 19th on “NFTy 50” by Forbes and considered one of the most influential individuals in the NFT scene.
- In 2022, collections outside the top 10 racked in 80% of the year’s earnings from creator fees.
- In January 2022, OpenSeas suffered a bug where users can buy more than $1 million worth of NFTs on discount. The company then refunded a total of 750 ETH or $1.8 million to creators.
- On January 27 2022, OpenSeas tried to limit the number of NFTs created using the free minting tool. The decision was immediately reversed due to user backlash. The company then admitted that 80% of the NFTs created with the free minting tool were plagiarized or spam.
- Creators on OpenSeas has earned over $1 billion from creator fees.
OpenSea Company Overview (About)
Let's take a look at OpenSea, the leading NFT market. At a glance:
What is Devin Finzer’s net worth?
As of December 2022, Devin Finzer (OpenSea CEO) has a net worth of $1.3 billion.
What is OpenSea’s revenue?
As of December 10 2022, Opensea has collected a total of $1.8 billion in fees for the past 365 days and earned a revenue of $571.1m, that’s around 31.73% of the total collected fees.
Token Terminal stated that the rest would go to OpenSea’s NFT creators.
How much is OpenSea worth? (Opensea Valuation)
In 2022, OpenSea was valuated at $13.3 billion.
For its latest funding round in 2022, OpenSea has raised $300 million and was valued at $13.3 billion, that’s 7.8X more than the prior year.
Looking before 2022, you can see how there was a single other OpenSea evaluated, which took place in 2021. Then, the app was valued at $1.5 billion.
In the course of just one year, OpenSea went up by $11.8 billion in value (net worth)!
OpenSea Funding History
In funding of over 7 rounds, OpenSea has raised a total of $427.2 million. The latest funding for OpenSea was in January 2022.
Looking at the table above, you can see how OpenSea managed to collect a total of 67 investors over 4 years.
Who invested on OpenSea?
OpenSea’s recent investors are Kathryn Haun and Coatue. OpenSea has a total of 54 investors and 7 lead investors through the years.
The table below shows us their most recent investors.
Out of the 67 OpenSea investors, only 7 of them are lead investors.
OpenSea made 3 acquisition in the course of 4 years (2018-2022). Gem.XYZ is OpenSea's latest acquisition, on Apr 24, 2022.
How does OpenSea make money?
OpenSea makes most of its money through services fees being charged on every digital asset sold on the platform. OpenSea has a service fee of 2.5%.
OpenSea also charges approval fees and account registration when a new cryptocurrency is used and when a new account is opened, respectively.
Also, there are also ‘gas fees’ to sellers and buyers for applicable blockchain transaction costs.
Source: Four Week MBA
What is OpenSea’s market share?
As of October 2022, OpenSea has a market share of 66%.
We can see in the table below that OpenSea’s market share decreased by 23% in comparison to its marketshare in January 2022.
The highest market share that OpenSea has ever had was in January & February 2022, with 89% of the NFT market.
The lowest market share of OpenSea's was in September 2022, when OpenSea held 60% of the NFT market.
Source: Coin Gecko
How many people work at OpenSea?
As per Linkedin, OpenSea has over 800 employees.
In July 2022, OpenSea announced that they would cut off 20% of their staff and in this announcement they revealed that there are only around 230 employees left.
How many partners are working together with OpenSea?
OpenSea collaborated with celebrities and high-profile organizations which generated revenue of millions of dollars in the process.
These are OpenSea’s largest partners:
OpenSea has quite a lot of popular partners, including names such as Mike Tyson, Saturday Night Live, Coca-Cola, Shawn Mendes and others.
What is the total sales volume of OpenSea?
As of December 2022, OpenSea has an all time sales volume of $33.12 billion at an average price of $278.83.
OpenSea is also well above its competitors. Let’s have a look at this table.
In comparison, Axie Marketplace has an all time sales volume of $4.26 billion at an average price of $169.99.
Source: Dapp Radar
OpenSea: Number of Users
As of December 2022, OpenSea has over 2.45 million registered users who have made at least one transaction on the platform.
That is 61x the amount of registered users that they had in March 2020.
This shows how much the NFT market grew ever since the early months of 2022, with more millions of users joining OpenSea.
Age Distribution of OpenSea Users
As of December 2022, most of OpenSea users are aged 25 to 34 with 36.88% of the overall user population.
This data contains estimations based on the web traffic in and out of OpenSea.
The 18-24 age bracket is also very popular among OpenSea users, covering over 25% of the total users.
Gender Distribution of OpenSea Users
As of December 2022, there are more female OpenSea users than male OpenSea users: 73.06% female & 26.94% male users.
Most of OpenSea's audience contains female users.
How many cryptocurrencies does OpenSea support?
The most popular cryptocurrency in OpenSea that is being used is Ethereum. Almost all of its top selling NFTs are being transacted with ETH.
As of December 2022, OpenSea supports 6 core cryptocurrencies and a few other payment tokens. Below is a list of them:
- Ethereum (ETH)
- Solana (SOL)
- Avalanche (AVAX)
- USD Coin (USDC)
- Binance Coin (BNB)
- Dai (DAI)
How many NFTs are there in OpenSea?
As of December 2022, there are more than 80 million NFTs in OpenSea.
How many categories of NFTs are there in OpenSea?
There are a total of 9 categories of NFTs in OpenSea. These are:
- Domain Names
- Trading Cards
- Virtual Worlds
What are the top NFT Collections in OpenSea?
As of December 2022, the top NFT Collections in OpenSea belongs to CryptoPunks with over 1 million trade volume in Ethereum cryptocurrency and has a total of 9,998 items created.
Let’s take a good look over the top NFTs in OpenSea.
Which countries is OpenSea available in?
OpenSea is available on almost every country. However, based on the sanctions implemented by the U.S., some countries are banned and blocked from using OpenSea. These countries includes North Korea and Iran.
Below is the complete list of banned and blocked countries.
OpenSea is banned (or blocked) in: North Korea, Iran, Cuba, Syria and Venezuela.
How much time do people spend on OpenSea
As of November 2022, the average time spent using OpenSea is:
OpenSea Mobile App Statistics: Android vs iOS
These are the key stats and key info on OpenSea mobile app on Android as of December 2022:
These are the key stats and key info on OpenSea mobile app on iOS as of December 2022:
OpenSea Traffic Summary Overview
OpenSea Website Traffic Sources
OpenSea's website traffic is mostly direct, with 71.50% of the total traffic.
The Search and Social categories are also very important for OpenSea. This includes apps such as Twitter or Reddit, where news of OpenSea NFTs are constantly shared.
Note how the referral system is also quite a bit of OpenSea's traffic, as it totals almost 6% of the traffic.
OpenSea Traffic Source: Desktop vs Mobile
OpenSea gets most of its traffic from desktop devices, with 65.21% of the total users. Mobile users total only 34.79% of OpenSea.
Top Countries Visiting OpenSea
The United States is the #1 country visiting OpenSea, with almost 20% of the total users. Next on the list is Japan, with almost 7%.