The continuously increasing Opensea users number indicate the bright future for the whole NFT market
OpcenSea is currently the world's largest comprehensive NFT trading platform. Users can cast, display, trade, and auction NFTs on the platform. OpenSea users number is the most important part of the NFT ecosystem, and its Ethereum NFT transaction volume accounts for about 98% of the market transaction volume. OpenSea has a low threshold for use and good ease of use. The on-chain contract guarantees the security of transactions. Users can view their own NFTs on Ethereum and other blockchains on OpenSea, and the experience of using NFT display and transactions is similar to the second-hand trading platform eBay.
In terms of market share, which is the most dominant company in the world?
You may think of several names: Google is almost certain, Facebook may be regarded as Amazon, it depends on the market category. All of these are good answers. Google has a 92% market share in the search field, Facebook and its related companies have more than three times more active users than its biggest competitor, and Amazon has a 50% market share in domestic e-commerce in the United States. (Amazon Cloud/AWS' share of cloud computing is 31%.)
This kind of dominance and this degree of control are sought after by investors, and governments are arguing about whether they should take antitrust actions against them. However, OpenSea's market dominance surpasses all the aforementioned companies.
In August, the cumulative trading volume of OpenSea reached US$3.057 billion, which exceeded the total volume of OpenSea in the past 4 years. According to the OpenSea charging rules, OpenSea will charge a fee of 2.5% of the transaction volume, which means that in August, OpenSea's revenue will exceed 76 million US dollars. If OpenSea's trading volume can keep growing with August's data, then the $1.5 billion valuation is far below the true value of OpenSea sales volume.
Since its inception in 2017, OpenSea users number has developed into the undisputed leader in the NFT market, with a market share of over 97%, and its turnover is 12 times that of its first competitor. The most direct response to these numbers would be to ask what the size of the market is. OpenSea is certainly a big win, but what exactly has it won?
No matter how anyone thinks about the NFT field, these figures show that NFT is more than just a trivial interest of individuals, and OpenSea is more than just a mysterious hawker. NFTs worth more than 13 billion U.S. dollars have been sold so far this year. If sales for the rest of this year are comparable to the previous quarter, the NFT market's annual gross merchandise transaction value (GMV) will reach 25 billion U.S. dollars. This scale means that OpenSea is ahead of its competitors and surpasses the traditional web2 market. In the most recent quarterly earnings report, Etsy, a listed US stock company, handicrafts and antiques trading website, reported that its GMV was US$3.04 billion; OpenSea's turnover in August alone exceeded this figure.
Currently, the company's team is still very small, with a team of only 45 people. As mentioned earlier, this is a significant increase from a year ago. Finzer said that OpenSea had 7 employees in haizhi in August 2020. If it goes well, it will expand soon, and they have already posted 21 vacancies on Lever.
Transcendentalist Ralph Waldo Emerson once said: "Great men are always willing to remain humble."
Perhaps the same is true for great companies. Remain humble in victory and regard success as the beginning rather than the end. These are the fine qualities of a century-old company. OpenSea seems to have this quality in its bones. For Devin Finzer, it means that the company is at the helm of a humble but capable builder and supported by a CTO who has the talent and temperament to expand the company's scale. Despite its strong appeal, OpenSea gives the impression that the company focuses on its weaknesses and is committed to solving them.
Revolution and moderation rarely combine well, but OpenSea is an exception. Even though Opensea users number increasing really fast. We are very pleased that with the vigorous development of the web3 movement, a key company is not presenting an overly arrogant or boastful posture, but going down-to-earth out of reason.