By September of that year, it had hit their goal for doubling sales by the end of 2020, or else it would fold.
A non-fungible token exchange called OpenSea was nearing its make-or-break moment after two years in operation.
In a November 23 Forbes article titled "What Every Crypto Buyer Should Know About OpenSea, The King Of The NFT Market," a report noted that by March 2020, the platform had only generated $28,000 in commission revenue per month since launching in December 2017.
According to the article, Devin Finzer, 31, and Alex Atallah, 29, of Brooklyn, said they felt like the market for NFTs was dead and planned to fold if their business hadn't doubled by year's end.
Forbes reported that they met that target by September 2020.2.5% of commissions on transactions led to a doubling in revenue, just a preview of what was to come.
By August 2021, OpenSea (producing $85 million in commission revenue) will be the largest NFT marketplace by trading volume, Forbes said, jumping from 1.1 million transactions per month when it was just starting up to $3.4 billion.
Finzer and Atallah's net worth has skyrocketed in recent months as the NFT marketplace blossomed. Forbes writes they will soon become the newest crypto billionaires.
In the past few years, OpenSea has grown into one of the leading marketplaces for NFTs, offering collections like CryptoPunks, the Bored Ape Yacht Club, Decentraland, and even a tungsten cube.
The blockchain is a platform for digital assets. Unlike bitcoin tokens, which are fungible, NFTs are unique, which provides their value. Some skeptics, however, claim the artwork isn't worth anything.
.jpg)
0 Comments