Unchained How Can OpenSea Regain Dominance After Layoffs and the NFT Market Decline? - Ep. 568
Nov 10, 2023
Michael Del Castillo, a veteran crypto reporter and Columbia University Knight-Bagehot Fellow, joins to discuss OpenSea's recent layoffs and struggles in the NFT market. He examines how competition from platforms like Blur and issues around creator royalties contribute to OpenSea's decline. gmoney, an NFT collector and founder, shares insights on potential catalysts for a market revival, including real-world asset integration and innovative credit access through NFTs. The conversation offers a fresh outlook on the future of NFTs and OpenSea's next steps.
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OpenSea's downfall
- OpenSea, the initial market leader, failed to iterate quickly enough.
- Competitors capitalized on this by offering desired features, leading to OpenSea's market share decline.
Blur's Rise
- Blur's success is attributed to rapid iteration and a token launch.
- These factors enabled Blur to gain significant market share from OpenSea.
Blur's Efficient Listing
- Listing multiple NFTs on OpenSea is time-consuming, requiring individual listings.
- Blur streamlined this process, allowing faster bulk listings and incentivizing bids, thus attracting liquidity.