Opensea Set To Knock Out Ethereum’s $87 Million NFT Revenue
May 1, 2022
Updated July 19, 2022
By
Sunil Sharma
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Per data from Token Terminal, OpenSea generated almost as much revenue from transaction fees as the Ethereum blockchain during the period. Even more impressive is the fact that OpenSea achieved the feat without a token or token incentive, the crypto market data aggregator noted.
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OpenSea competing with Ethereum in fee revenue
The total revenue OpenSea made from both royalties paid to creators and transaction fees going to the protocol amounted to $74.37 million. This was only about $13.03 million less than Ethereum’s $87.39 million fee revenue in the last week the data showed.
OpenSea is almost on par with Ethereum in fee revenue in the past week. And this without a token/token incentives,” TT said.
Similarly, the NFT marketplace had an impressive run this month. According to data from the Dune Analytics dashboard created by @rchen8, total NFT sales on OpenSea in April amounted to $3.4 billion, generating approximately $282 million in fees. Notably, the marketplace is one of the largest gas consumption entities on the Ethereum marketplace.
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What has been driving down Ethereum’s transaction fees?
Ethereum’s transaction fees have been reducing for a while. Back in February, Arcane research noted that Ethereum transaction fees were at their lowest in six months. The drop in fees could be due to reduced transaction demand, the report noted. But the more likely reason Arcane noted was that Layer 2 platforms were getting more adoption and shifting much of the transaction load from the main chain.
Despite this, Ethereum continues to dominate other blockchains in market share of NFT sales volume and DeFi total value.
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Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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