NFT.
The images are from the SOPA website.
After two years of operation, the OpenSea exchange was nearing a make-or-break moment.
By March 2020, the platform was only making a meager $28,000 in commission revenue per month.
If business didn't double by the end of the year, the market for NFTs would be folding, according to the article.
They met the goal by September 2020.
The doubling in revenue was just the beginning.
OpenSea, the largest NFT marketplace by trading volume, went from being struggling to get started to an all-time high of $3.4 billion in August of 2021.
The explosion of the NFT marketplace has created a net worth in the hundreds of millions of dollars for the two men, and they are soon to be billionaires.
OpenSea has become the go-to marketplace for NFTs since it was a little-known operation.
NFTs are digital assets that are tied to the internet. NFTs derive their value from the fact that they are one-of-a-kind. Skeptics say there's no value, and they can just right-click and save the image.
The marketplace for NFTs has grown this year. The third-quarter saw a 704% increase in trading volume for NFTs.
OpenSea succeeded by being in the right place at the right time, according to an interview with Forbes.
Business Insider has an original article.
