Opensea launched in December 2017 as the first open marketplace for NFTs on the Ethereum blockchain, where participants can create, buy and sell NFTs. The two-sided marketplace attracts both creators and owners on one side and buyers and NFT browsers on the other. Opensea features over 80 million NFTs of all sorts (art, collectibles, games, music, photography, etc.) and over $20 billion has been traded through the platform. Opensea has improved the liquidity of this asset class and the platform’s profit formula is based on charging a 2.5% fee on all NFTs traded, which implies that the company has generated over $500 million in revenues.
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