GM PRO DOers! 😎
We may be down bad on our NFTs…
But guess who made big money from them in the last few years?
OpenSea and ETH holders/stakers… of course!
By now, I hope you’re beginning to understand the trend of these value accrual PRO reports.
Activity onchain generates value back to the protocol layers (Ethereum, L2s, Solana, etc.).
The key to this industry's success however is finding apps that facilitate onchain activity that is sustainable.
Secondly, the app itself needs to be sustainable to remain in business.
Blur is currently achieving neither of those.
OpenSea, on the other hand, has generated almost $1 Billion in total revenue since inception. As you can see below, value is being created all over the place from OpenSea.
OpenSea managed to become one of the highest revenue-generating businesses in web3 to date, albeit, most of that revenue came in 2021 during an unsustainable market with unsustainable activity and volumes.
The numbers these days aren’t so pretty, but I’m confident there’s still lots of growth ahead for the NFT industry.
In today's PRO report, we're going to:
- Look at where value accrues from NFT marketplaces, but more specifically OpenSea.
- Share predictions of how this value accrual will change (or already has changed)
- Discuss some new innovations in the NFT industry that are about to change everything!
And finally, we’ll top it off with some serious innovations coming to the industry.
Let’s take a look under-the-hood (or shall I say on-the-chain).
Market Share of NFT Marketplaces
The last few years have been a wild ride for NFT marketplaces like OpenSea.
If you haven’t followed the NFT Marketplace wars from 2022-23, I highly recommend you first read this PRO report to get up-to-speed.
TL;DR: OpenSea remains the dominant general-purpose NFT marketplace (aka the Amazon of NFTs).
Sure, over the last year, Blur managed to steal some market share in terms of trading volume. But most of this was just wash trading to farm the Blur airdrop, so it’s not “real” volumes. Come November when Season 2 ends (the ability to farm the Blur token), I imagine Blur's volume will shrink significantly.
But all along, you could simply look at the transactions across marketplaces to see that OpenSea has remained the clear leader for NFT marketplaces.
Even more so when you look at users…
What’s really interesting though is looking at the chart below and understanding how much more revenue OpenSea has made vs. any other NFT marketplace. Notice that Blur is not on this chart as they have still generated $0 in revenue 🤯
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