How many people use OpenSea in 2024?
Let’s find out.
Digital collectibles and non-fungible tokens. Who would’ve thought there will be an actual market for these?
And it is not only a market—it is a money-making venture!
Those pixelated caricature images and emotionless ape figures sell for thousands of dollars today.
Well, OpenSea did.
It is among the first entities to spot the billion-dollar potential lying behind blockchain-based art, making it among the most notable marketplaces for exclusive digital items millions of blockchain fans love.
How Many People Use OpenSea in 2024?
Frankly speaking, OpenSea is not “one of the” biggest NFT marketplaces in the world, it is “the biggest” in the industry.
Exactly how many users does OpenSea have in 2024?
According to Dune Analytics, an open-source data provider of real-time crypto trends, the platform boasts 1.5 million active users.
This number has swiftly moved from its early days in 2017, back at a time when NFTs are met with cold shoulders if not raised eyebrows.
OpenSea clocked a monthly trading volume worth $2 billion during the early months of 2024.
Although this is a sharp downgrade from its $5 billion monthly volume average during the crypto high last year.
OpenSea’s Notable Collections: Of Apes and Punks
It is home to notable collections like YugaLabs’ Bored Ape Yacht Club with 10,000 digital collectibles and 6,400 owners.
The BAYC is considered the fifth most valuable collection for digital collectibles and non-fungible tokens in the cryptoverse in 2021.
Among the popular collectibles in the roster is Bored Ape #8585 which sold for $2.7 million on October 20 last year.
Meanwhile, its counterpart Bored Ape #5199 sold for $1.6 million just a week before it did.
Another best-selling collection called “CrytoPunks” can also be found on the site. It flaunts 10,000 collectibles from 3,600 owners, with a total volume worth 981,000 ether.
OpenSea is Investing in Growth
Earlier this year, OpenSea concluded its Series C funding during which it secured $300 million worth of funding from venture capitalists.
The company announced that the new funding will be used to accelerate its ability to develop new products and improve existing ones, improve its customer support and create a safety net for investments made under its watch, invest in the growing non-fungible token and Web3 infrastructure, and welcome new members on its team.
So far, OpenSea hosted nine funding rounds which are all geared toward helping its operations thrive and grow in the ever-changing blockchain market.
OpenSea.io Website Analytics
Another important parameter to look at when assessing the popularity of a platform is the average number of people visiting its websites monthly.
Opensea.io generated 46.9 million monthly website visits back in June of 2022.
Although this figure is a significant downgrade from its April and May results where it generated 78.7 million and 67.2 million visits, respectively.
Every visit lasts for 8 minutes and 6 seconds on average, with 8.33 clicks per visit. This shows that opensea.io performs well, in terms of user engagement.
Top Countries Using OpenSea.io
OpenSea is available for users globally, its presence in some countries is stronger than in others.
Its home country, the United States, remains its biggest market to date and occupies more than a fifth of its total user base.
Take a look at the countries with the highest OpenSea penetration rates and their individual shares from the total.
- United States – the country captured 21.38% of OpenSea’s total user base percentage
- Japan – the country captured 4.48% of OpenSea’s total user base percentage
- United Kingdom – the country captured 3.69% of OpenSea’s total user base percentage
- Turkey – the country captured 3.66% of OpenSea’s total user base percentage
- Russia – the country captured 3.61% of OpenSea’s total user base percentage
- Other parts of the world – captured 61.17% of OpenSea’s total user base percentage
OpenSea maintains a stronghold in the overall non-fungible token market.
In fact, it has a nearly monopolistic control of the industry, given that 90% of the sector’s overall value lies safely in its care.
On the other hand, emerging companies are coming in and they promise better services at lower fees.
Take a look at this data examining the landscape of the overall NFT market, in terms of the monthly ETH value transferred.
- OpenSea – this platform holds 98.3% of the total NFT market based on the value of Ethereum transferred
- SuperRare – this platform holds 0.9% of the total NFT market based on the value of Ethereum transferred
- Foundation – this platform holds 0.6% of the total NFT market based on the value of Ethereum transferred
- KnownOrigin – this platform holds 0.1% of the total NFT market based on the value of Ethereum transferred
- MakersPlace – this platform holds 0.1% of the total NFT market based on the value of Ethereum transferred
Top NFT Collections of All Time on OpenSea, Ranked by Trading Volume
Credits: unsplash.com
Many NFT collections launched on OpenSea have become global hits.
Here are the top NFT collections of all time launched on the site, ranked in terms of trading volume.
- CryptoPunks – the collection recorded a trading volume amounting to 981,157 ETH to date
- Bored Ape Yacht Club – the collection recorded a trading volume amounting to 645,756 ETH to date
- Mutant Ape Yacht Club – the collection recorded a trading volume amounting to 438,769 ETH to date
- Otherdeed for Otherside – the collection recorded a trading volume amounting to 331,176 ETH to date
- Art Blocks Curated – the collection recorded a trading volume amounting to 304,219 ETH to date
- Azuki – the collection recorded a trading volume amounting to 256,789 ETH to date
- CLONE X – X TAKASHI MURAKAMI – the collection recorded a trading volume amounting to 223,619 ETH to date
- Decentraland – the collection recorded a trading volume amounting to 197,588 ETH to date
- Moonbird – the collection recorded a trading volume amounting to 163,216 ETH to date
- The Sandbox – the collection recorded a trading volume amounting to 163,025 ETH to date
Conclusion
There are 1.5 million people actively using OpenSea in 2024.
The platform captured more than 90% of the entire NFT market and is home to the world’s most notable collections such as CryptoPunks, Bored Ape Yacht Club, and Mutant Ape Yacht Club, among others.
On the other hand, new marketplaces seeking to capture their own spaces in the billion-dollar industry are swiftly coming in.
The Mark Cuban-based Mintable is capturing the hearts of Asian fans, having a geographic advantage as a Singapore-based enterprise in the first place.
Will OpenSea lose its market share to newcomers?
Only time can tell.
