Less than a decade since the creation of the first NFT, namely Quantum, which was created by Anil Dash and Kevin McCoy back in May 2014, this field has taken off to reach impressive dimensions. The first NFT project, Etheria, arrived in 2015 and remained in the dark until mid-March 2021, when it generated about US$1.4 million in sales. The market came to a halt in 2022 after two years of solid growth. Although NFT sales took a sharp dive compared to 2021 by mid-2022, OpenSea reports that the creators earned over US$1 billion this year (until November 23, to be accurate).
The impressive figure mentioned above only includes the revenue generated by creator fees from the resale of their NFTs. In many cases, NFT creators also gain from sponsorships, engagement incentives, as well as grants. According to OpenSea’s data, only 20% of the US$1.1 billion generated this year went to the top 10 NFT collections. This top is based on the creator fees-based earnings of the collections, and not anything else.
In the future, OpenSea is planning to fully unleash the drops minting experience with the goal of "expanding the canvas for storytelling" and improve the platform’s experience for both creators and their followers. For now, this remains one of the more interesting NFT-related projects to keep an eye on and only time will tell if the market can return to its former glory.
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Disclaimer: The information reported here should not be used as a basis for any personal investment decision. Notebookcheck does not offer cryptocurrency, NFT, or other trading, investment, or financial advice.
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