The NFT hype makes Opensea rich

[rozak]

Opensea is the icon of the current NFT market, or they say Opensea is the largest NFT market in the world, yes I admit that selling our NFT on Opensea only made Opensea rich and famous, but, as long as it is profitable for us, it doesn't matter. because we are only a small part of the work that hitch a ride on their platform.

because the users are also large and the NFT trading there is crowded, of course, there will be many people who prefer to sell their NFT there.
no problem it will make the platform richer. most importantly our merchandise will always be in demand by buyers.
I think this market is probably waiting for a platform that can make and trade homemade NFTs. there are several projects like that, but not yet crowded and there is no interest in trading there. Opensea is still the busiest for now.

[1714738952]

1714738952

[Xinarae*]

NFT enriches hype openness and its users are generally easy to use these platforms other NFT marketplaces and trading solutions have emerged. Many of these competitors acknowledge the flaws of opensea and have quickly gained momentum by introducing cheaper more decentralized and more user friendly ways to buy and sell NFT for collectors. The NFT project one of the first collections to be traded on opensea is trading in the crypto beer market.

[asriloni]

No doubt if opensea has become a large companies. Opensea got lots of money from only doing nothing as it was getting lots of revenue from its users and transaction fees. NFT hype has been making opensea to be the biggest NFT market. Remember that the opensea users need to pay the fees for any transaction. The creator may get royalty but I do believe opensea was taking some percents from the transctions that will be going to the company's wallet. I will not feel surprised to see that this company can grow so fast pretty similar like exchange site.

[Al Qiyamah]

Both parties are certainly mutually beneficial because of this NFT hype . Currently Opensea is reaping the benefits of the NFT hype and we don't know how long this will happen because more and more people want to be like Ghazali Everyday, our hope is of course not only to follow the hype but whoever wants to make NFT must be more creative and unique, so that the NFT  the ones they sell don't become trash NFT either at Opensea.

[nimogsm]

Recently I read and article where some guys have done an investigation that tells us a funny story of how this market works. They analysed famous NFT owners and their connection with Opensea and it appeared that all of them were beneficiaries of this platform.

For some reason I'm not surprised)And you don't have a link to this news, I would read it with great interest.I have long suspected that large purchases are made by the same people and there is a group of people behind this business.

[TastyChillySauce00]

that’s kinda the reward if you becomes an early bird in making such platforms, this platform can become this popular surely because a reason, and the fact that they are among the longest standing platform itself already speaks a lot the reason it could become this popular and become the number 1 choice for most of people trying to get into NFT.
this kind of thing happened with bitcoin too, being called as number one cryptocurrency because it’s the first coin ever created, and even after so many altcoins has been released in order for competing with btc, it’s still the number one regardless.
just consider it as a reward for innovation because creating an NFT marketplace itself is already such a breakthrough. A platform that can get a big hype will be so popular and this will create a domination by this platform to the market coz demand get centralized around it.

[zasad@]

https://thetimeshub.in/immunefi-experts-estimated-the-value-of-the-stolen-134-bayc-at-13-6-million/34746/
Immunefi experts estimated the value of the stolen 134 BAYC at $13.6 million
"The cost of 143 tokens from the Bored Ape Yacht Club (BAYC) NFT collection, which the OpenSea marketplace assigned a suspicious activity mark, is $13, 58 million. This estimate was given by specialists from the Immunefi bug bounty platform.
134 out of 143 tokens worth $12.64 million retain this status."

[Widdop37]

That's why we have ma y new NFT marketplace today, see people or devs are just coping other peoples progress, Opensea was a success and that's what motivated others, its not about the success its about the money that Opensea is making, devs are tired of coming up with fresh ideas and that's why I lose interest in most new projects.

[zasad@]

OpenSea is developing well and integrating with other blockchains.
https://twitter.com/opensea/status/1564717997842845696?
"Starting today, we will begin using Seaport for all new listings and offers on Polygon! We’re excited to start using Seaport across multiple blockchains to improve the experience for everyone on OpenSea.

Here’s what you can expect with this move to Seaport "
But no one knows how much NFT will be blocked in 5 years

[Ansu5801]

Well, Opensea is just a NFT marketplace where they are commission from sellers and buyer side, this commission is not that much with respect to the profits earn by sellers and buyers, they charge 2.5% on every transaction. The amount they had earn is almost 1 billion dollar. But the amount of money traded on this platform is more than 17 billion dollars.
Source https://tokenizedhq.com/opensea-statistics/

[samuraijin]

Honestly, I'm still confused about Opensea, are they really fair as a global NFT market, because of the many people who complain about the work they make, to sell their NFT to Opensea, even though they have followed the current NFT trend, but how can their work be done? can be accepted by buyers at Opensea..

[zasad@]

https://twitter.com/opensea/status/1597633637469818881
"We’re excited to share that
@BNBCHAIN
🔶 is officially live on OpenSea!"

https://twitter.com/opensea/status/1597633643908063232
"4/ We’re thrilled to bring the BNB community into OpenSea! We can’t wait to see what you all build.
Tag your favorite
@BNBChain
 🔶 project below to highlight collections we should be paying attention to 👇"

[Rengga Jati]

It makes sense. We can see how many users have used the Opensea platform so far. And we also know how much they make. However, isn't this reasonable and appropriate? They created a platform that is trusted and reputable, and this is not easy. there are lots of rivals in the world of NFT platforms.

We can find a lot of platforms Opensea being one of the most famous and widely used. It's not easy to reach this stage either. many processes have been passed with full of struggles, obstacles, difficulties, and various problems that have been passed.

During this time, through this platform too, many people have made money and become rich. This is also appropriate reciprocity. but if we calculate the nominal, indeed they can get very much. But, as long as what they provide is appropriate, I think it doesn't matter, just like crypto exchanges and wallets. However, if something is not suitable or costs are increasing with the same facility, this must be questioned.

[AmoreJaz]

It makes sense. We can see how many users have used the Opensea platform so far. And we also know how much they make. However, isn't this reasonable and appropriate? They created a platform that is trusted and reputable, and this is not easy. there are lots of rivals in the world of NFT platforms.

We can find a lot of platforms Opensea being one of the most famous and widely used. It's not easy to reach this stage either. many processes have been passed with full of struggles, obstacles, difficulties, and various problems that have been passed.

During this time, through this platform too, many people have made money and become rich. This is also appropriate reciprocity. but if we calculate the nominal, indeed they can get very much. But, as long as what they provide is appropriate, I think it doesn't matter, just like crypto exchanges and wallets. However, if something is not suitable or costs are increasing with the same facility, this must be questioned.

no doubt they are earning good money. but it is also because they have proven that this platform can deal with huge amount of money and satisfying their customers. because if there will be angry customers, i don't think they will stay this long in the business. if people are using their platform for so long, it means they are doing something right.

[ice18]

Opensea is one of the pioneers in NFT marketplace started last 2017 where most projects are busy in so many scam ICOs but opensea creators started very early supporting this unique arts stored in blockchain no one knows its the next trend after ICO and Defi, unfortunately some NFT projects turns out to be a money making machine for other people, imagine selling an image worth nothing putting in a blockchain and worth millions lol,

[eaLiTy]

Opensea is one of the pioneers in NFT marketplace started last 2017 where most projects are busy in so many scam ICOs but opensea creators started very early supporting this unique arts stored in blockchain no one knows its the next trend after ICO and Defi, unfortunately some NFT projects turns out to be a money making machine for other people, imagine selling an image worth nothing putting in a blockchain and worth millions lol,

It is true some of the NFT projects made a lot of money and some were able to sell them for really high valuation, but have you checked the state of the NFT market right now. I bet anyone who spent money during the rally for the NFT will be baffled with the way things have ended up. Check out the NFT trading volume as well in Open Sea, it has plummeted as well and they had to lay off their employees like any other cryptocurrency project.

[Yatsan]

Opensea is one of the pioneers in NFT marketplace started last 2017 where most projects are busy in so many scam ICOs but opensea creators started very early supporting this unique arts stored in blockchain no one knows its the next trend after ICO and Defi, unfortunately some NFT projects turns out to be a money making machine for other people, imagine selling an image worth nothing putting in a blockchain and worth millions lol,

It is true some of the NFT projects made a lot of money and some were able to sell them for really high valuation, but have you checked the state of the NFT market right now. I bet anyone who spent money during the rally for the NFT will be baffled with the way things have ended up. Check out the NFT trading volume as well in Open Sea, it has plummeted as well and they had to lay off their employees like any other cryptocurrency project.

The market price of NFTs are also volatile because alike with cryptocurrencies, its market price is determine by demand. There are times the market price of an NFT project will rise in an instant upon its release to the market, and also the other way around which is a sudden downfall. Actually, I view NFTs like newly released project token wherein the basis of the demand is the potential of the project in general. Indeed, many people have earned huge amount of money from it and also, many people have lost money through it; part of the process. The plummet in NFT trading is somehow in line with the market behavior in this technology. Many people avoid using their assets to buy NFTs because the market value is low.

[Quidat]

Opensea is one of the pioneers in NFT marketplace started last 2017 where most projects are busy in so many scam ICOs but opensea creators started very early supporting this unique arts stored in blockchain no one knows its the next trend after ICO and Defi, unfortunately some NFT projects turns out to be a money making machine for other people, imagine selling an image worth nothing putting in a blockchain and worth millions lol,

It is true some of the NFT projects made a lot of money and some were able to sell them for really high valuation, but have you checked the state of the NFT market right now. I bet anyone who spent money during the rally for the NFT will be baffled with the way things have ended up. Check out the NFT trading volume as well in Open Sea, it has plummeted as well and they had to lay off their employees like any other cryptocurrency project.

OpenSea Volume Hits Lowest Since June 2021 With $303M in October

OpenSea Trading Volume Down 90% Since January

When everything is really on hype then expect that millions or billions of money is really get involved but thats on the peak but what if the market
turn upside down? This do usually happens.
This is why its not really that recommendable on making yourself get hyped with things because if you do buy out on things which are on peak then tendency you would really be
losing up that much or everything goes to zero when the market starts to correct and the hype was already gone.

[abel1337]

Opensea is one of the pioneers in NFT marketplace started last 2017 where most projects are busy in so many scam ICOs but opensea creators started very early supporting this unique arts stored in blockchain no one knows its the next trend after ICO and Defi, unfortunately some NFT projects turns out to be a money making machine for other people, imagine selling an image worth nothing putting in a blockchain and worth millions lol,

It is true some of the NFT projects made a lot of money and some were able to sell them for really high valuation, but have you checked the state of the NFT market right now. I bet anyone who spent money during the rally for the NFT will be baffled with the way things have ended up. Check out the NFT trading volume as well in Open Sea, it has plummeted as well and they had to lay off their employees like any other cryptocurrency project.

OpenSea Volume Hits Lowest Since June 2021 With $303M in October

OpenSea Trading Volume Down 90% Since January

When everything is really on hype then expect that millions or billions of money is really get involved but thats on the peak but what if the market
turn upside down? This do usually happens.

Every thing on cryptocurrency will go down and I see NFT too will go down. I somehow expect that this scenario will happen on all NFT related platforms such as marketplace. NFT is driven by hype and that hype is now surging low, We can't expect that the volume will remain the same as before. This will give opensea a chance to redeem themselves from the past issues they got when everything is expensive gas fees, bridging errors, downtime errors and their own fees.

[Fatunad]

Opensea is one of the pioneers in NFT marketplace started last 2017 where most projects are busy in so many scam ICOs but opensea creators started very early supporting this unique arts stored in blockchain no one knows its the next trend after ICO and Defi, unfortunately some NFT projects turns out to be a money making machine for other people, imagine selling an image worth nothing putting in a blockchain and worth millions lol,

It is true some of the NFT projects made a lot of money and some were able to sell them for really high valuation, but have you checked the state of the NFT market right now. I bet anyone who spent money during the rally for the NFT will be baffled with the way things have ended up. Check out the NFT trading volume as well in Open Sea, it has plummeted as well and they had to lay off their employees like any other cryptocurrency project.

OpenSea Volume Hits Lowest Since June 2021 With $303M in October

OpenSea Trading Volume Down 90% Since January

When everything is really on hype then expect that millions or billions of money is really get involved but thats on the peak but what if the market
turn upside down? This do usually happens.

Every thing on cryptocurrency will go down and I see NFT too will go down. I somehow expect that this scenario will happen on all NFT related platforms such as marketplace. NFT is driven by hype and that hype is now surging low, We can't expect that the volume will remain the same as before. This will give opensea a chance to redeem themselves from the past issues they got when everything is expensive gas fees, bridging errors, downtime errors and their own fees.

What comes up must go down and just like the other hypes and trends in the market like those ICO days where lots of money had circulated and been poured in but eventually dies down in volume since
the community and investors had already done through it.I agree on what Quidat said that in every trend theres always an end to it once the market had seen another trend.
Or there are no other purchasing power from investors where do makes the market be bullish or somewhat able to sustain but on the time that it do lost up confidence
then this is where things becomes worst and you would see on who are the ones who do make see this as an opportunity.