Tiny Minority of OpenSea Users Scoop Up Most NFT Profits: Report - Aliens: AI Crypto News & Markets Updates
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Tiny Minority of OpenSea Users Scoop Up Most NFT Profits: Report

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Yahoo Finance

Tue, Dec 07, 2021

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Only 5% of OpenSea users are scooping up the bulk of the profits in secondary trades executed on the NFT platform, according to Chainalysis, a blockchain intelligence firm.

Chainalysis noted the data does not account for “NFTs that have been minted, bought, and never resold.” Chainalysis said that 250 NFT collections account for eight out of every 10 secondary sales.

Chainalysis estimated that whitelisted NFT minters, who earn special access to assets, were profitable in three quarters of the transactions on OpenSea, with more than half of the trades pocketing returns of 100%.

Chainalysis says that between January and October of this year, users have sent at least $26.9B in crypto assets to ERC-721 and ERC-1155 contracts, describing such as “the two types of Ethereum smart contracts associated with NFT marketplaces and collections.” Leading NFT marketplace OpenSea received $16B throughout the period, during which more than 6,000 collections attracted at least one transaction including minting or trading.

Chainalysis examined the regional origin of traffic visiting NFT marketplaces from January until October, noting North American and Central & Southern Asian activity is roughly on par after diverging significantly during the year.

While both regions represented one-quarter of NFT marketplace traffic as of October, North Americans represented more than 45% of visitors at the start of the year compared to just 10% from Central & Southern Asia.

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