SNEAK PEEK
- Creators earned 76% of the fees and just $35 million was taken by OpenSea.
- Dune Analytics stated that the dollar value of NFTs for the month of September was $1.26 billion.
- Solana was the winner, as its user base increased to 41% from 27% within a month.
In a tweet, token Terminal disclosed that just $35 million went to OpenSea LLC. This indicates that the creator received 76% of the fees. This is hardly surprising considering that authors can set a price for revenue up to 10% while the NFT marketplace only charges 2.5% of sales as a fee.
Since OpenSea controls over 90% of the NFT business, market trends often reflect the overall market performance. The sales volume decreased throughout the year, falling from $5.2 billion in January to about 349 million in September. The decrease in sales volume would also have impacted user fees and protocol revenue.
Numerous causes, including the bear market, waning interest in NFTs, and the macroeconomic circumstances that have restricted market liquidity, have contributed to the fall in sales volume.
Dune Analytics estimates that the total dollar value of NFT sales for the month of September was $1.26 billion. That is a decrease of 24.4% from August. From September till now, Ethereum accounted for 88% of all volume, but it looks like Solana is gaining market dominance. While Ethereum slipped from 95%, its percentage of the NFT sales volume increased by 91% in September to reach 10%.
In September, there were more than 569k users overall, an increase of 0.5%. But Solana was the one who logged the majority of the gain. Its user base increased 41% in a month to 155k or 27% of all NFT users. Users of ETH, in contrast, decreased by 9.5% to 393k.
If we are to judge by the market’s performance during the last day, the fourth quarter of the year might change the tide. On the last day, there were 18,895 NFT transactions on Ethereum, totalling more than $10 million. Comparing this period to the previous one, there has been a 30% increase.
The sales of NFTs on other important networks have also increased. For example, on the previous day, NFT’s sales volume on Solana increased by 28%, while BNB Chain’s sales volume increased by 27%. Therefore, Solana NFT sales for the day were $2.1 million, compared to over $119k for BNB Chain.
