On November 30, OpenSea, the most popular and largest NFT marketplace by volume, announced that creators had made more than $1 billion from creator fees so far in 2022.
2022 has been a *wild* ride and we want to close it out with a stat that makes us *really* excited for the future:
THIS YEAR, creators earned over $1 BILLION from creator fees using OpenSea. 🧵
— OpenSea (@opensea) November 30, 2022
In its statement, OpenSea mentioned that the earnings weren’t from sponsorship revenue, grants, or engagement incentives. They came from royalties paid by fans, NFT collectors, and other supporters, or from money made from NFT resales.
OpenSea discussed the evolution of the creator economy and how NFTs play a significant role. The enormous earnings show how NFT technology demonstrates that Web 3 provides a business model that is not only effective but also sustainable. OpenSea compared its creators’ earnings to those of the most popular Web 2 platforms.
Meta stated in 2021 that creators would receive over $1 billion on Facebook and Instagram at the end of 2022. In 2020, TikTok promised to pay out $1 billion to creators over the next few years. Patreon distributed $3.5 billion to creators in its first nine years of operation. Creators on Snapchat received $365 million when it paid $1 million daily to its leading creators.
Concerning creators, OpenSea has outperformed all of these Web 2 platforms. OpenSea envisions a future in which creators have greater control over their long-term businesses, are more directly connected with their fans and have a more effective canvas on which to develop their most creative ideas.
OpenSea’s report is surprising since NFTs have been in a downward spiral for months. According to Bloomberg, NFT trading volume was down 97% in less than a year, from $17 billion in January to $466 million in September. Compared to a few months prior, OpenSea’s sales dropped by 75% in September.
So far, 2022 has been a rollercoaster year for the entire crypto space, including NFTs. The announcement from OpenSea could be the light at the end of the tunnel that everyone has been anticipating.