OpenSea NFT Creators Are Making Waves With Over $1 Billion In Royalties

Creators who participated in selling Non-Fungible Tokens (NFT) on the platform earned a total of $1.1 billion this year, with 80% of that sum going to people outside the top ten. The company aims to work closely with these participants and support them through providing investors with high-quality assets, according to OpenSea, a leading web3 marketplace.

These statistics symbolized a new beginning for NFTs creators. Even though market conditions were rough, the changes made this year allowed for great innovation. There was no sign of creator revenue before adopting the Non-Fungible Token standard in 2018. With OpenSea’s help, they can bring more creative minds into play.

According to Shiva Rajaraman, Vice President of Products for OpenSea, transactions between January 1 and November 23 included a creator fee. 

Analysts at OpenSea who analyzed the data from other well-established platforms were astonished when they noticed that Facebook and Instagram artists would be compensated with over $1 billion from July 2021 to December 2022.

A DeFi platform has vastly outperformed traditional financial institutions. In 2020, TikTok pledged to pay out $1 billion over the next three years. Furthermore, Snapchat will be paying some of its top performers up to $1 million every single day, totaling around 365 million dollars per year.

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Nine years into its run, Patreon has paid $3.5 billion dollars to creators as of 2021. OpenSea marketplace has shown continuous support for enforcing these policies up until now.

This month, OpenSea released a tool to assist creators launching new collections on the platform by enforcing creator royalty fees on-chain and restricting NFT sales to only those marketplaces that charge those fees.

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