that was how they managed to amass their fortune

We can no longer ignore NFTs. Non-fungible tokens are now so popular that they can be used for thousands and sometimes even millions of euros. Therefore, it could not be long before the first NFT billionaires appeared. That honor now belongs to Alex Atallah and Devin Finzer, the co-founders of OpenSea.

The gentlemen, both only about 30 years old, started the NFT marketplace OpenSea four years ago and are now reaping the benefits. That’s how Alex Atallah and Devin Finzer became the first NFT billionaires.

The first NFT billionaires

OpenSea’s co-founders joined the billionaire club early in the year after raising new funding from investors. This round of funding not only makes their company worth billions, but also Alex Atallah and Devin Finzer themselves.

In this round of funding, OpenSea raised an additional $ 300 million, raising the company’s value by 800 percent to a staggering $ 13.3 billion. Since both gentlemen acc Forbes owns a 18.5 percent stake in the company, the net worth of both Atallah and Finzer will rise to $ 2.2 billion in one fell swoop.

An impressive amount at the age of 30 and 32 years. How did these first NFT billionaires get to this point?

It’s Finzer and Atallah

Devin Finzer grew up in Silicon Valley, attended Brown University, and then went on to become a software engineer at Pinterest. He sold his first start-up, a search engine called Claimdog, after a year.

Co-founder Alex Atallah grew up in Colorado and attended Stanford. As if that wasn’t impressive enough, he started his tech career during his college days at Palantir. Prior to founding OpenSea, he worked for other Silicon Valley start-ups.

The origins of OpenSea

Flash forward to 2017, and Atallah and Finzer merge into a newly started incubator. First, the idea is to launch a company that pays crypto users to share their WiFi hotspots. But CryptoKitties – one of the first NFTs – is changing that. The tech entrepreneurs are fascinated and the idea for OpenSea was born.

OpenSea was one of the first players in the NFT market and it has worked well due to the popularity of the NFTs. But Atallah and Finzer had to put up with that.

From fighting company to NFT billionaire

When we became acquainted with coronavirus in March 2020, the OpenSea platform had already been online for 26 months. Unfortunately, with only five employees at the time, the company had only managed to accumulate 4,000 active users, generating $ 1.1 million in monthly transactions. Since OpenSea charges a commission of 2.5 percent per. sold NFT, you can calculate that the company then earned $ 28,000 a month.

At that time, there was no lively NFT market. In fact, Rare Bits, OpenSea’s biggest competitor at the time, actually went bankrupt. OpenSea co-founders set themselves a goal: to double their sales by the end of 2020.

An unprecedented growth

Fortunately, it worked already in September, so the two decided to continue. And that’s a good thing, because in 2021, the NFT market exploded. In July 2021, OpenSea completed $ 350 million in transactions. Already a lot higher than the 1.1 million a year and a half earlier, but you guessed it; it did not stop there. In August 2021, a total of 3.4 billion transactions were made on the platform.

Today, OpenSea has more than 70 employees and the company is growing rapidly. So you can see: sometimes just persistence can make all the difference.

The most common NFT scams and how to spot them

WorkJuice shares daily practical tips and tricks in the field of career and money. Whether it’s job search, savings, new contract or productivity – so you have grown 1 percent every day compared to the day before.

Have you seen an error? Mail os. We are grateful to you.

Forbes

Reply to the article:

The first NFT billionaires are a fact: This is how they managed to amass their fortunes

Leave a Comment