- Devin Finzer of OpenSea shares his thoughts on the present market conditions and what these short-term fluctuations mean to them.
- OpenSea believes that the physical economy will eventually shift towards Web3, and NFTs will power the biggest markets on the planet.
- Finzer revealed they are used to bear markets and thanked these harsh conditions for making OpenSea what it is today.
In a recently released Twitter thread, Devin Finzer, the Co-Founder and CEO of OpenSea, the biggest NFT marketplace, shared his thoughts on what they think of these short-term fluctuations in the market.
Recent market conditions have affected almost every sector, and web3 is no exception.— Devin Finzer (dfinzer.eth) (@dfinzer) September 13, 2022
I wanted to share my thoughts on the opportunity ahead, and the way we think about these short-term fluctuations.https://t.co/Hh7G9nvxtW
He started by addressing the fact that the recent market conditions have managed to lay an impact on almost each and every sector, and thus, Web3 is not an exception.
Mentioning what the team behind OpenSea had in mind back in 2017 when they started their journey, Devin Finzer revealed they anticipated either being a niche community to buy and sell Cryptokitties or becoming a destination to explore a brand new economy on the Internet.
Well, as we all are comprehensively aware of the fact, in a matter of 5 years, NFTs have ushered in a new open Internet economy. An economy in which users possess incredible freedom and ownership over their data and a place where developers are provided the opportunity to build interoperable applications in order to provide real economic value.
Since NFTs are closely associated with cryptocurrencies, it is no surprise that they will face an impact. However, the volume is noted to be ten times higher than it was recorded back in January 2021 and 40 times higher than it was just 24 months ago.
The vision of OpenSea is of a world where:
- Artists are capable of making a living selling their digital art
- Fans can extend support to their favorite athletes, artists, or musicians by purchasing digital mementos
- Influencers can show themselves off in virtual clothing
- Developers can launch access passes to their software as NFTs
In the first quarter of 2021, the NFT space managed to explode, and volume on OpenSea surged 600 times from the January prior. The second quarter came as a massive step function improvement as OpenSea shipped Seaport, redesigned their core pages, launched featured shelves, rolled out systematic platform safety improvement, improved site stability, and performance, scaled their customer support operation, and did a lot more.