- At a crypto-themed event in Miami, CEO of OpenSea talked about his business and predicted the future of the NFT market.
- NFTs or digital assets experienced a rise in their stock in 2021 when crypto was a buzz.
- Finzer’s excitement about gaming and NFTs points that probably this is where the focus needs to be at when talking about the next move of the asset varietal.
NFTs stock grew last year during the crypto boom. However, the market for crypto-based products and activities is slumping at the moment. The current trading volumes have reduced and things have taken an ugly turn with the recent FTX collapse. Considering all this, the question is, where does the future of OpenSea’s major product category lie?
Starting with gaming, Finzer said that NFTs world is diverse and non-fungible tokens in terms of games refer to a place where the market predicts an ‘explosion in innovation.’ Gaming is a market opportunity for non-fungible tokens in terms of adding more to customer passion.
Gaming and digital assets coming together has earned enough attention though in the last crypto boom, play-to-earn games such as Axie Infinity were under the key focus. The fortunes of Axie have increased and decreased whereas, OpenSea seems bullish to NFTs related to gaming.
Finzer also mentioned that platforms such as Instagram becoming a part of the industry will turn out to be net-positive. He believes that incorporation of non-fungible tokens from social firms might offer the crypto market an on-ramp for regular people. Talking historically, these points of entry are referred to as extremely steep and are criticized. OpenSea will welcome new ways of attracting consumers towards NFTs.
About the future of NFTs, it looks less crypto-oriented as compared to what it has been. Finzer mentioned the new Reddit NFT effort as well and said that a number of Reddit NFT users do not know about it being a crypto-powered product.
How crypto and gaming can find the common ground is easy if consumers are interested in interacting with crypto products beyond the crypto-native experience.
Meanwhile, it feels that expensive profile pictures are no longer in demand. What needs to be seen is whether the potential applications for non-fungible tokens in several other areas of the digital economy can make it from possibility to actuality.