OpenSea takes the long view by focusing on its UX even as NFT sales remain low

Date:

Share post:


It’s fair to say the NFT space has lost a lot of its sparkle over the past few years, but that hasn’t stopped some founders, investors and projects from trucking along in hopes of another surge. Devin Finzer, the CEO behind OpenSea, one of the first NFT marketplaces to gain serious traction and market share, is still betting big on the sector.

On January 1, 2022, NFT global sales volume peaked at $23.73 billion. Two years later, by the first day of 2024, they had fallen 94% to a mere $1.4 billion.

That kind of decline in sales volume obviously has had an impact on the revenue side of OpenSea’s business, but Finzer says it’s not something the company is “laser focused on.” Instead, it is working to improve its core products and user engagement, and bring in new incumbents — work “that sort of leads to higher volumes,” he told me recently on TechCrunch’s Chain Reaction podcast.

The NFT marketplace exploded back in 2021 when everyone and their grandmother was spending on NFTs of profile pictures and digital art, but Finzer thinks those were early use cases. “We still have so much further to go in terms of representing all of the wide array of things that NFT’s can represent,” he said. “Gaming is an example of a category that’s still really early.”

Founded in 2017, OpenSea quickly became one of the most well-known and well-funded NFT marketplaces in the world. It has raised over $400 million in total, and some of its backers include VC firms like Andreessen Horowitz and Paradigm, as well as celebrities such as Kevin Durant and Ashton Kutcher.



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

NFX’s James Currier will break down MVPs at TechCrunch Early Stage 2024

Everyone has heard of minimum viable products (MVPs), early versions of a future startup’s product that contains...

Elon Musk sues OpenAI and Sam Altman over ‘betrayal’ of non-profit AI mission

Elon Musk sued OpenAI, its co-founders Sam Altman and Greg Brockman and affiliated entities on Thursday, alleging...

Facebook plans to shut down its news tab in the U.S. and Australia

Meta is trying to distance itself from news media-related regulations and payment complexities as it is planning...

Google to remove some Indian apps over Play Store fees violation

Google has warned it will begin removing apps in India from its Play Store if developers do...

Intuitive Machines’ first moon lander also broke ground with safer, cheaper rocket-style propulsion

Intuitive Machines’ first lunar lander officially lost power today after spending seven days on the moon. The...

Lordstown Motors charged with misleading investors about the sales potential of its EV pickup

The Securities and Exchange Commission has charged bankrupt Lordstown Motors with misleading investors about the sales prospects...

A minor league baseball team trolls Disney with its ‘Steamboat Willie’ jerseys

I’ve seen enough: The prize for the best use of public domain Mickey Mouse goes to the...

Fisker is laying off 15% of staff and says it needs more cash ahead of a “difficult year”

Electric vehicle startup Fisker is planning to lay off 15% of its workforce and says it likely...