The NFT OpenSea exchange only made $ 28,000 per month when it launched 4 years ago. Now its founders are on the verge of being crypto billionaires. | Currency News | Financial and business news

  • The NFT OpenSea Marketplace had a meager revenue of $ 28,000 per month two years ago, Forbes reported.
  • Its founders decided it would fold if sales didn’t double by the end of 2020, then hit that target in September of that year.
  • The company now trades billions of dollars in NFT per month.

After two years of operation, the founders of OpenSea, a non-fungible token exchange, were approaching a watershed moment.

As of March 2020, the platform was still earning just $ 28,000 in commission income per month since its launch in December 2017, Forbes reported in a November 23 profile titled “What Every Crypto Buyer Should Know About OpenSea, the king of the NFT market “.

The founders – Devin Finzer, 31, and Alex Atallah, 29 – said the NFT market felt dead and planned to pull back if business had not doubled by the end of the year, according to the article.

In September 2020, they achieved that goal, Forbes wrote.

The doubling of revenue, which is derived from a 2.5% commission on transactions, was just a precursor to what was to come.

OpenSea, now the largest NFT marketplace in terms of transaction volume, grew from $ 1.1 million in transactions per month as it struggled to get started, to an all-time high of $ 3.4 billion in August 2021 (producing $ 85 million in commission income), Forbes said. .

With the explosion of the NFT market, Finzer and Atallah have scored a net worth of several hundred million dollars, and they will soon be the most recent billionaires in the crypto world, Forbes wrote.

From its days as a little-known operation, OpenSea has grown into the go-to market for NFTs, selling collections like CryptoPunks, the Bored Ape Yacht Club, Decentraland and even a Tungsten Cube.

NFTs are digital assets like works of art related to the blockchain. While bitcoin tokens are fungible or reproducible, NFTs derive their value from being unique. Some skeptics, however, say there is no value and they can just right click and save the image.

Despite this, the NFT market has exploded this year. In the third quarter alone, NFTs posted a trading volume of $ 10.7 billion, a jump of 704% from about $ 2 billion in the previous quarter.

In the interview with Forbes, Finzer said that OpenSea succeeded by “being in the right place at the right time”.

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