Founder of OpenSea: Looking forward to the NFT market this winter

When we launched OpenSea at the end of 2017, we have always maintained a realistic attitude - from a small community selling CryptoKitties to a destination where people can freely explore a new economic system, our GDP has been quite large in the absolute value of the Internet, but more and more people feel that there is still a lack of key building blocks - these modules can make the digital world more dynamic A more open economy provides the basis.

In less than five years, great changes have taken place in the world, and NFT has ushered in a new Internet economy. The only remaining question is: "What will the world do with this infinite, blank canvas?"

Vision of NFTs

NFT is the first mainstream application of blockchain.They are unique, provably scarce, publicly transferable, user owned tokens and can be used in multiple applications. They are the basic elements of the open digital economy. Here, users have greater freedom and ownership of their data, and developers can build powerful, interoperable applications to provide users with real economic value.

In short,NFT is a basic technology and will become the basis of thousands of use cases and industries - its application is only limited by human intelligence, imagination and patience.

The proliferation of NFT has made the GDP of blockchain economy grow continuously. OpenSea's vision is to accelerate the development of this new economy and give full play to its potential.

Although today, some people may think that NFT is just a simple Jpegs, our dream is much bigger.

We look forward to such a world:

Artists make a living by selling digital art;

Loyal fans buy collections from their favorite athletes and musicians, and influential people wear virtual clothes;

Developers launch their software access licenses in the form of NFT;

In the open and free market game economy, new jobs have emerged, such as "virtual world real estate agent" or "virtual reality sculpture designer".

We believe that the real economy will eventually change in this direction.

And maybe one day, almost everything we own will be owned and transferred on the blockchain in the form of NFT.

We firmly believe that this technology will eventually promote the largest market on the earth and fundamentally change society. This is the vision of OpenSea.

We don't mind falling

Recent market conditions have affected almost every industry, and Web3 is no exception.

Of course, since NFT is denominated in cryptocurrency, the collapse of the market also has an impact (in fact, the price of Ethereum fell from $1300 to $90 the year we started to establish OpenSea).

But if we look at the data carefully, we will find a thing that has been ignored.

For example, our trading volume is still 10 times higher than that in January 2021 and 40 times higher than that 24 months ago. Between August 2021 (during the first NFT boom) and August 2022 (entering the bear market in 2022), OpenSea's monthly participants on the chain increased by more than 80%.

Although the excitement at the end of 2021 and the beginning of 2022 is very important for the platform and community, we cannot ignore the long-term commitment and vision of NFT - it is important to separate our long-term goals from short-term market fluctuations.

We still have a lot of work to do, but integrating NFT into the established ecosystem means entering the market, such as the $500 billion game industry or the $50 billion ticketing industry. In the long run, the potential market created and consumed by NFT will be based on everyone on the earth.

Be patient

Great dreams must be combined with patience and perseverance - such a large-scale change takes time.

At present, NFT (PFP project, collection, generative art) may not have much effect, while the use cases (ticketing, games, music, real estate) that many of us dream of are still in the initial stage.

But we know that there will be more in the future - we are using today's use cases to build infrastructure for the future Internet economy. These infrastructures will establish a virtuous circle between the project, the buyer and the seller. When we enter the next stage of NFT development, they are the bricks for rapid innovation, creation and experiment.

There is a huge opportunity before us. Our long-term vision makes it possible to separate good ideas from hype, builders from speculators, and signals from noise.

In this winter, I expect that we will see an explosion of innovation and practicality of the entire NFTs.

Original title: Why We Don&# 39; t Mind the Dip (s)

Original author: Devin Finzer, OpenSea Co founder and CEO;

Original compilation: Shenzhen Tide TechFlow

Source: Block Rhythm