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It’s fair to say The NFT space has lost a lot of its luster over the past few years, but that hasn’t stopped some founders, investors, and projects from jumping in in hopes of a new surge. Devin Finzer, the CEO of OpenSea, one of the first NFT marketplaces to gain traction and market share, is still betting big on the sector.
On January 1, 2022, global NFT sales volume peaked at $23.73 billion. Two years later, on the first day of 2024, they had fallen by 94% at just $1.4 billion.
This type of drop in sales volume has obviously impacted OpenSea’s business revenue, but Finzer says it’s not something the company is “laser focused” on. Instead, it’s working to improve its core products and user engagement, and attract new incumbents — work “that somehow leads to higher volumes,” I was told. -he said recently on TechCrunch. Chain Reaction Podcast.
The NFT market exploded in 2021, when everyone and their grandma was spending on NFTs of profile photos and digital art, but Finzer believes these were the first use cases. “We still have a long way to go to represent the full breadth of things that NFTs can represent,” he said. “Gaming is an example of a category that is still in its infancy.”
Founded in 2017, OpenSea has quickly become one of the most well-known and well-funded NFT marketplaces in the world. It has raised more than $400 million in total, and its backers include venture capital firms like Andreessen Horowitz and Paradigm, as well as celebrities like Kevin Durant and Ashton Kutcher.
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