The popularity of Non-fungible tokens associated with cryptocurrency has been record-breaking.
Therefore the businesses supporting their creation and trade are also viewed to be the most valued platforms in the modernisation of the finance sector.
Opensea emerged as the first and the largest NFT marketplace and ever since its launch, the marketplace is growing every day.
Users buy collectables, gaming items and other virtual goods supported by a blockchain on the opensea network. Opensea connects the sellers with the buyers of virtual goods via blockchain technology.
As the NFT market is increasing day by day, the Opensea marketplace is recorded to have more than 6,00,000 users by far and the ongoing growth path soon will see a tremendous boom for the user base.
These users serve as buyers and sellers of creatives that tend to trade just like any stock market with the incentive of profits over the value.
Just like a market for goods, we have a marketplace for NFTs, rare digital items and crypto collectables.
Opensea network is a marketplace where we buy, sell, auction and discover crypto kitties, decentraland etc.
The company was founded by Devin Finzer and Alex Atallah based in America and has proved to be a successful venture till now.
Opensea serves as the largest platform since 2017 and remains the top most used platform on the leaderboard.
The company engages in a wide variety of trading items, less transaction time and more user autonomy that brings the charm and popularity.
The reason for being the largest marketplace and continuously attracting investors is the collection of 200 categories of items and the minimum charge of 2.5% bid price for each traded NFT.
Therefore the transaction process is also simpler to attract more trading volumes and high usage of the platform as they have built trust in the market due to their efficient game.
The platform ensures transactions via a smart contract that adds up the trade directly into the user’s wallet and safety is ensured.
Bored Ape Yacht Club, CryptoPunks projects, known as major crypto projects were traded at volumes of 380k+ ETH and 820k+ ETH respectively via the Opensea marketplace. These were the highest-paid projects and therefore add up to a sleek hike in opensea usage and popularity.
Active users here refer to the active cryptocurrency wallets that are engaged in trading on the marketplace of Opensea.
Performance of Opensea in terms of active users has been the best among all the other industry players.
From having 4000 views in march 2020 to now being one of the Alexa 500 most visited websites with over 1 million users, the popularity of the platform is crystal clear.
Opensea has registered a trading volume of $2 billion till 2022 and is recorded as the top platform by the users.
According to the user statistics, the website encounters more than 120 million visitors per month. The visitor’s average time is 8 seconds with a bounce rate of 26.37%.
Opensea user stats show that the platform is widely used for investing and financial knowledge with some other purposes of programming and video structures.
Opensea is also called as the “eBay of the blockchain world”, this is primarily due to its high customer base and facilities to trade around 4 million items as a whole.
Opensea has been ranked number 15 worldwide on all the finance websites. Over 80 million different types of NFTs are available for trade on OpenSea.
The amazing context is that within 5 years of launch the platform has managed to sustain itself on topmost finance websites.
The website has organic traffic at 98.56% which is huge and is self-explanatory about the heavy demand in the Opensea marketplace.
Opensea captures 13.49% of the market for NFT trading. Unbelievably, recently Opensea recorded $20 billion in all-time sales volume while having looksrare at $14.68 billion.
Opensea has to compete with a long list of websites that support the NFT marketplace, as nowadays with increasing opportunities in the crypto domain, more and more companies find it profitable to block the market share.
Being the first marketplace, Opensea still sustains its position but has to keep a check over its existing and future competition.
The question does arise why would an investor deviate from such a larger platform to any other ?
Probably due to some of the drawbacks of the opensea marketplace. Since it is the largest and the most used marketplace, it seems to be crowded too!
Competitors are threatening people to shift towards alternatives as quickly as possible at times of difficulties with the platform.
Opensea lags behind due to less customer support interaction.
It is believed that more than 80% of free NFTs created on opensea are either fraudulent or spam.
Some other marketplaces that give out the high competition to Opensea based on monthly visits for April 2022 on the platforms are :
Not surprisingly, the market valuation of Opensea is recorded at $13.3 billion which explains the huge trusted investments over the platform and does help to predict the continuous growth in future.
Since there are no entry barriers and no upper legal limit on collectables values, the investments are insane and that drives all the valuation stakes high for Opensea as compared to other platforms.
The market value of the company saw a tremendous hike of 786% in 3 months due to the increased trade via platform rising by 600x of its previous years.
These valuation statistics do refer to the ongoing growth of the Opensea network as well as indicate the overall performance of the NFT era and its popularity.
Opensea is expected to have a total of 9 rounds of funding to generate a $427.2 million stream to outgrow its existing work and upgrade user experiences. Till now opensea has managed to clear all-around $150.22 million of investments and build up a strong foundation.
The opensea NFT marketplace has been used widely in developed economies.
The ranking shows that opensea has been popularly chosen to initiate crypto transactions in countries like the United States, Canada, Korea, the United Kingdom and India.
Since the marketplace originated in the United States, the awareness and usage is highest there.
One other big reason why the US has a significant share of the audience is due to crypto hype and investor income in the developed economy of the US.
The platform is most used by the age whole class of 18 to 44 years, as most active investors with stable earnings lie in this bracket.
The further dimension of the age group signifies the financial interest of people in the NFT marketplace via opensea.
Investors from 18 to 24 cover about 27.09%, the age group from 25 to 34 constitute the highest at 36.13% and people from 35 to 44 indulged at 18.30% with the platform.
Considering age factors, investors from the age group of 25 to 34 contribute proportionately more users to the platform, this can be interpreted as the income, investment and risk appetite during earning stages of life.
A website’s share in popularity is also determined by its audience composition, opensea attracts 72.10% male investors and 27.90% female investors on average.
This also shows how women investors have been significantly involved in crypto-assets and an increasing share creates other popularity prospects for opensea.
Keywords play an important role in driving more and more audiences to convert active users, for opensea network sound 18.3K keywords are used to jump onto the website.
Usage of any simple keyword like “NFT marketplace” will also lead to traffic on the platform as search results drop the audience to the top result.
The more the popularity more the users and the more the traffic leads to potential active users.
Along the line of usage, Opensea managed to bag a revenue of over $365 million in the year 2021 which is about $525,000 up from expected revenue corresponding to the year 2020.
Opensea saw a total of $14,635,955,043 ethereum transaction volume in 2021.
As the users increase with simultaneous increases in new creatives and items, the marketplace attracts more buyers and sellers which leads to heavy transaction loads. This transaction derives the revenue and the brand name does remain at the top.
The founder of Opensea Devin Finzer tweeted on 2 August 2021 :
“In 2020, OpenSea did about $21M in total transaction volume. In the last two days, we did $95M.The growth curve for NFTs is insane.”
His statement itself depicts how heavy the transactions grow at the platform and charging them 2.5% for such a heavy load of transactions builds tremendous revenue streams for Open sea.