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Despite the market slump, non-fungible tokens (NFT)OpenSea, a marine product marketplace, reported $144.5 million in fees collected during the third quarter.
The favourable third-quarter results are good news not only for OpenSea LLC (the firm behind the marketplace), but also for the legions of NFT developers who successfully sold their tokens via OpenSea during the three-month period.
Revenues were roughly $35 million between July 2022 and September 2022, according to the study. FiguresToken Terminal, a crypto asset portal, has made the announcement.
“What happened to the remainder of the money?” Token Terminal tweeted, “The creators.”
The market continues to seek new revenue streams through collaborations with large entertainment industry firms such as Warner Music Group (WMG). Last week, OpenSea announced a collaboration with WMG, stating that it would “offer a platform for select WMG artists to establish and extend their fan communities in Web3.”
Nonetheless, it is worth noting that the most recent results from the world’s first NFT market are much lower than those provided by OpenSea prior to the current collapse. According to DataDune Analytics, a crypto analytics business, the platform reported a monthly sale volume of $4.86B in January 2022 ethereum, which is its largest amount to far.
According to the two partners, as part of this collaboration, WMG artists will be given early access to OpenSea’s new drops product, better discoverability, and tailored narrative on bespoke landing pages.
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