The Small Business Times

How Many People Use OpenSea in 2022? Full OpenSea Statistics

OpenSea statistics this year proved that this company is the leading marketplace for digital assets. Whether it’s collectibles, arts, or gaming items developed on NFT (non-fungible token) technology and flow on the Blockchain of Ethereum, an investor can buy, sell, and trade these on OpenSea.

OpenSea is the first and largest marketplace for NFTs, accounting for over 97% of the market share with over 200 categories, beating big tech companies like Google and Facebook in their respective fields.

According to dune.XYZ, OpenSea had $14 billion worth of Ethereum transactional volume in 2021. And, OpenSea has seen a staggering $4.52 billion trading volume in February 2022.

The interest in NFTs has grown immensely since 2020. The biggest benefiter undouble is OpenSea. Top firms such as Andreesen Horowitz, Y Combinator, and Founders Fund support it.

The company’s easy-to-use listing features, robust filtering and cataloging system combined with its wide breadth of assets might be the significant factors contributing to its massive market share. 

Other notable NFT projects include CrypoPunks, Bored Ape Yacht club, and VeeFriends. At the start of 2022, these projects totaled $820,000, $380,000 and $40,400 ETH respectively. Cryptopunks was the highest-grossing with $2 billion.

Its pioneer status has enabled the company to become the largest among its emerging competitors, even among the already big names in the industry. The open system employed by the founders also encourages creatives, investors, and other people interested in NFT to visit and transact on the website.

Knowing this, here are some OpenSea statistics that include key market share drivers, some distinguishing data, revenue, and significant segmentations. First, we take a look at the key OpenSea statistics. 

Key OpenSea Statistics 2022

  • Here are some major OpenSea statistics that explain in detail why this is the leading marketplace for NFTs in the market today.  
  • Based on data collected by SimilarWeb, the United States ranks number with the most OpenSea Users contributing approximately 23% of the total users.
  • An estimated 250,000 people trade NFTs each month on OpenSea, according to CNET
  • It had a total of 121.7 million views in 2021.
  • According to OpenSea figures, the average trade volume has risen to $260 million, with a projected increase to $350 million by the end of March. 
  • According to SimilarWeb, OpenSea attracts more than 120 million users per month. 
  • From early 2022, OpenSea topped 600,000 users, which is more than the 4,000 users recorded in February 2020.
  • Alexa ranked it 428 out of 500 of the most visited websites in 2021.
  • OpenSea had generated more than $2 billion in trading volume.
  • OpenSea earned $360 million in just 2021 from Ethereum transactions.
  • Most OpenSea traffic comes from the United States, accounting for 4.7%. 
  • Worldwide it is ranked at 211th as one of the most popular digital platforms in February 2022.

Overview of OpenSea 

A few names come to mind when thinking about the most dominant companies in the NFT space by market share. OpenSea might appear to be a simple digital product; after all, to most users, it’s simply a marketplace for buying and selling NFTs.

However, it’s known as the eBay of NFTs and cryptocurrency. People go on OpenSea to buy rare collectibles, gaming products, and other virtual goods supported by Blockchain. The fact that it accounts for the majority of the NFT market share relates to how great the product is. 

The company was founded in the United States by Devin Finzer and Alex Atallah in 2017. However, they only launched the beta version later on in December 2017. At this point, is when it became known as the marketplace for NFTs on the Ethereum Blockchain.

Driving Factors of the OpenSea Market Share

OpenSea’s rising popularity is due to the rise of NFTs. The driving force in the interest of NFTs seems to be because of price surges of certain NFT collectibles such as Bored Ape Yacht Club. Bored Ape Yacht Club alone contributed nearly 10% of the volume of the NFT sales on OpenSea, according to CoinDesk.

Another explanation for the boom in market share for OpenSea was the launch of another NFT marketplace competitor, Genie, in November 2021. This led to massive traction in buying and selling NFTs on online marketplaces. 

However, to better understand the boom in the overall market share and volume of OpenSea, we need to dive into what caused to surge in NFTs. One reason is the fluctuation of cryptocurrency markets at the start of 2022. 

The value of Bitcoin dropped significantly below the predicted value of $40,000 in 2021. A loss estimated at more than 17% since the start of 2022. Bitcoin, however, has regained its value and is trading at roughly $42,800 per coin. 

This is where Ethereum comes in. Ethereum value this year (2022) increased because of the increased value of bitcoin, which directly impacted its trading volume on OpenSea. These new developments in Ethereum and NFT have led to the increasing volume and market share of OpenSea. 

Overview of the OpenSea Statistics by Users and Demographics

OpenSea is currently the largest comprehensive NFT platform across the world. It continues to grow during 2022, with trading, buying, and selling metrics on the way up. The company has over 727 employees. 

The users of this platform can display, auction, cast, and trade a wide range of NFTs on the same Blockchain. OpenSea users can also track their NFTs on the Ethereum Blockchain and various other popular blockchains. 

Although it isn’t entirely easy to use, it has gained a great deal of traction from users worldwide for its variety and security measures. By guaranteeing the security of every transaction, OpenSea has seen significant growth in users on the platform. 

The highest number of users are based in regions such as China, Canada, Hong Kong, Singapore, and the United States. 

Based on data collected SimilarWeb, the United States ranks number with the most OpenSea Users contributing approximately 23% of the total users. The secondary is Canada, with an estimated 4.76% of users. The data is based on traffic on the desktop version of OpenSea.

Although not all users participate in the buying and selling of NFTs, there is no other NFT marketplace attracting as many users as OpenSea. 

The continuing growth of users on OpenSea is linked to the rise and popularity of NFTs. As a result, the platform will keep attracting and gaining more users. 

Changes in Annual Users

The number of OpenSea users is an essential part of the NFT environment. From early 2022, OpenSea topped 600,000 users, which is more than the 4,000 users recorded in February 2020. 

According to SimilarWeb, OpenSea attracts more than 120 million users per month. According to CNET, an estimated 250,000 people trade NFTs each month on OpenSea.

The number of users on the platform may be relatively low at times due to various circumstances. One major factor is the availability of NFTs. When viewed as a whole, the data alters considerably.

Users and engagement on the site will increase if there are more highly valued NFT on the platform. The trading of mint NFTs stimulates the rush of users.

During the course of the year, some OpenSea statistics will appear to show decreased user activity. For example, there was a spike in user activity from August to November 2021. However, it steadily decreases from December to January.

Unfortunately, OpenSea has no control over this. Because NFTs are listed by collectors or dealers, it is hard to manage and predict the platform’s user base. As a result, OpenSea uses data based on how many people viewed the site rather than how many people stayed on the site.

Another reason it is difficult to track user data is that entrance levels are greater. This means that only a select handful are permitted to be listed on the site. This reduces and discourages users from using the platform. 

However, even if OpenSea has a small number of users, it can sometimes create a larger transactional volume.

OpenSea Statistics Based on Traffic

OpenSea is by far one of the most popular NFT trading marketplaces at this time. Although OpenSea doesn’t have the best average when it comes down to the price of individual digital assets, it does have the highest traffic.

Most users that join the platform are interested in investing. However, some people join because they are curious and are scared of missing out.

Other reasons why people join OpenSea are for video games, programming, and finances. People who visit OpenSea.io also tend to visit similar websites such as CoinMarketCap, Binance, Discord, etc.

Ranking

Since its launch, OpenSea has seen a considerable rise in the number of daily users. It even beat the Ethereum burn ranking by 58,924.

When it comes to OpenSea traffic statistics, it has hit one of the biggest milestones. Alexa ranked it 428 out of 500 of the most visited websites in 2021. It had a total of 121.7 million views in 2021.

Worldwide it is ranked at 211th as one of the most popular digital platforms as of February 2022. While in the United States, it was ranked 174 out of 300 companies, which is a significant achievement considering it’s in the early stages of growth.

Geographic Analysis 

That said, most of OpenSea traffic comes from the United States, accounting for 4.7%. While in second place in the United Kingdom at 4.26% and India at 3.31%. And finally, Australia accounted for 3.09%.

Traffic Lead Generation

Regarding traffic lead generation, 63% is from direct traffic, and 9.8% is from ads and social media. While the remaining 18.8% is from YouTube marketing and 7.7% is from referrals. 

Traffic Duration

Because most people don’t stay on the platform for long periods, the average visit duration is 9 minutes and 26 seconds per user. But during peak seasons, the platform average visit duration can be approximately 18 minutes, which is relatively high. 

It also has a decent bounce rate of 15.8%, which is not easy to gain especially considering that it is an NFT marketplace. 

OpenSea Statistics by Trading Volume

The trading of NFTs takes place in the Ethereum Blockchain. According to DappaRadder, OpenSea experienced a total of 2.66 million transactions in February, which was a 28% increase compared to the previous month. 

In addition, at the beginning of 2022, OpenSea had generated more than $2 billion in trading volume. On February 2, 2022, OpenSea generated approximately $243 million in revenue. That’s a great way to start the year.

 This was pretty significant given that the expected trading volume by the second quarter was $120 million. Additionally, OpenSea also saw a 76% increase in the NFT’s trading volume by the end of February.

According to OpenSea figures, the average trade volume has risen to $260 million, with a projected increase to $350 million by the end of March. 

One more important statistic to consider is the number of transactions taking place on the platform. 

This amount, however, is expected to exceed $3.5 billion in August 2021. At its current trajectory, the sales volumes will exceed that of August 2021.

All of this can be attributed to Paradigum and Coatue’s $300 million Series C fundraising round. Following previous trends, OpenSea is on track to reach an all-time high.

As per their vision, the Series C funding will be utilized to expand the platform and investment in the NFT ecosystem.

OpenSea Statistics by Revenue 

The primary source of revenue for OpenSea is transactional fees. Since OpenSea takes a 2.5% stake on every transaction, they can earn $2.50 on every NFT worth $100. OpenSea also makes revenue from transaction fees, including contract approval fees. 

Every new user who wants to sell NFTs on OpenSea needs to pay a one-time contract approval fee that covers transactions on the platform. In addition, they also earn a couple of million dollars from initialization and gas fees.  

Speaking of gas, OpenSea accounts for computing energy costs as part of their fees because Ethereum Blockchain is vital for their transactions.

Another way OpenSea earns revenue is from user sign-up fees. Each new user is that seller or buyer is required to pay registration fees before trading on OpenSea. 

2020 Revenue

In 2020, OpenSea’s revenue was at $94.8 million. While for Ethereum, transactional volume when calculated was roughly $525,000 in 2020.

Like nearly every NFT on the market, OpenSea grew its transactional volume from cats. Crypokitties was the first major NFTs sold for over $10 in just a few months. 

When broken down according to Dune analytics, OpenSea had a trading volume of $3.25 billion, $2.73 billion, and $2.46 billion in December 2021, November 2021, and October 2021, respectively. Combined, these trading volumes add up to $8.26 billion. And since OpenSea takes a 2.5% cut, they made $206.5 million in just three months.

2021 Revenue 

The Ethereum transactional volume of 2021 surpassed that of 2020 by hitting $14 billion in the volume of NFT sales. This was primarily due to the high volume of Ethereum transactions. A total of 575,000 traders spent an average of $861 per transaction. 

For every Ethereum transaction, OpenSea takes 2.5%. As a result, OpenSea earned $360 million in just 2021 from Ethereum transactions. 

According to Devin Finzer, the co-founder and CEO of OpenSea, they made a total Ethereum revenue of $94 million in 2020. 

Some revenue was also earned from the sale of NFTs. To date, there are more than $34 million NFT are sold on OpenSea.

2022 Revenue 

In January 2022, OpenSea had one of the highest-grossing volumes ever in one period, indicating that NFTs may be one sector that was not crippled by the bitcoins price drop. On 

OpenSea exceeded all expectations at the start of 2022, grossing nearly $4.52 billion in Ethereum transactional volume in just January. OpenSea had an Ethereum Transactional volume of $4.52 billion in the past thirty days. We find an estimate of about $113 million using this number and calculating the transactional fees. If this trend continues, the 2022 revenue of OpenSea will far exceed the previous year’s revenue of $350 million. According to Dune Analytics, It’s also on track to exceed its estimate of 3.4 billion by August.

January 9, OpenSea logged the highest single-day volume of $261 million as recorded by OpenSea analytics. Each day it recorded $150 million in NFT’s trading volume.

Backed by a blockchain, the OpenSea platform is a peer-to-peer marketplace that trades goods such as domain names, gaming items, digital art, and trading cards.

OpenSea Statistics by Net Worth

According to CoinDesk, OpenSea’s net worth is $13.3 billion. After their Series C round hosted by Paradigm and Coatue, Crunchbase also announced that OpenSea had raised $427 million in the first nine funding rounds. 

The net worth valuation is also further increased by the growing number of businesses and celebrities interested in investing in NFTs.

Other OpenSea Statistics 

Market Share

OpenSea has the largest market share of any NFT marketplace company. The company’s market share accounts for 97% of the total NFT market. 

This is due to OpenSea’s open market and the tremendous variety offered on the platform. In addition, it beat its competitors because of the high traffic. 

However, since the launch of new marketplaces such as coin base, market share is expected to drop this year. 

Currently, OpenSea has over 2 million NFTs on its platform. Most of them are newer NFTs launched in 2022, while some are vintage collectibles. 

In addition to the vast collection of NFTs worldwide, there are more than 80 million NFTs on OpenSea. The design and creation of NFTs allows OpenSea to record a trading 

In addition to the collections, there are generally over 80 million NFTs on OpenSea. The creation and sale of more NFTs allow the company to record high revenue, even with the small commission received on each transaction.

Several NFTs are constantly being sold, traded, and bought on OpenSea. The expensive NFTs sold to date on OpenSea is a Bored Ape Yacht Club NFT. The CryptoPuncks were also some of the most highly prized NFTs on OpenSea. 

But the Bored Yacht NFTs are listed as the most valuable and popular NFTS on OpenSea and were sold in October 2021 for roughly $2.7 million.

Both NFT’s collectibles sold for a combined 908,800 ETH, which equates to %4.26 billion. These two NFTs have been ranked as the most expensive for a whole and seem to hold steady.

 However, during February 2022, some new NFTs ranked the highest, starting with 3Lander and followed by tubby cats, NFT worlds, and more. 

Out of the many listed NFTs on the platform, the Bored Ape Yacht Club (BAYC) NFTs are the most valuable and popular. As of now, the most valuable and expensive NFT belongs to the BAYC collection. 

However, it is essential to note that OpenSea operates as an open market. Therefore users can create their art designs, music, and video games, which leads to a vast variety of NFTs sold and traded on OpenSea.

 The diversity of NFTs on OpenSea may also lead to growing demand and popularity of the platform in the coming year, which will attract more investors and users. 

The Bottom Line 

The OpenSea is an NFT trading platform that acts as a marketplace for users to buy and sells NFTs. While the company lets users list prized NFTs on the OpenSea marketplace, collectors can also trade mint NFTs. Using this business model, it can hit high transactional volumes and revenues, surpassing its competitors by a milestone.

OpenSea hit an all-time high in 2021 with a transactional revenue of $4.95 billion, according to dune. XYZ. According to David Finzer, transactional revenue increased by 600 times over the 2021 financial year because of the growing popularity of NFTs.  

Although the valuation of OpenSea in 2021 was 13.3 billion, it is expected to grow significantly in 2022. But given its top-tier platform, OpenSea’s lead might look invisible. 

However, new marketplaces popping up and entering the NFT space are resulting in increased competition. Some of these new competitors include Binance and Rarible marketplaces that allow users to trade their NFTs as well. 

Aside from the competition, OpenSea also has some disadvantages that might drive investors and users away. OpenSea charges a 2.5% fee in addition to other fees. In comparison, some platforms have zero fees.