UNCHAINED: How Can OpenSea Regain Dominance After Layoffs and the NFT Market Decline?
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 November 2023
⏱️ 43 minutes
🧾️ Download transcript
Summary
NFT expert gmoney says that OpenSea “rested on their laurels” far too long. Can the once-leading marketplace rise again?
Last week, OpenSea, the former frontrunner in the NFT marketplace, confirmed the layoff of half its workforce as the NFT markets seemed to bottom out. gmoney, NFT collector and founder of 9dcc, joins Unchained to provide insight into the once-dominant NFT marketplace’s fall from grace. He talks about the competitive dynamics that challenge the platform's market share and whether a token launch could help. In addition, gmoney delves into why the NFT market has been “abysmal,” what could potentially catalyze its revival, and how he thinks creator royalties will evolve.
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Show highlights |
- Whether OpenSea 'rested on their laurels' after becoming the market leader
- Whether the fact that its competitor Blur launched a token was a reason for OpenSea's fall
- Whether OpenSea not immediately following other platforms such as Blur in making creator royalties optional led to some of its decline
- How gmoney wants to incentivize people to pay creator royalties
- Why the NFT market has gone down and what gmoney's thesis for NFTs is
- What catalysts could cause the next NFT bull run, according to gmoney
- How NFTs make it possible for certain groups to access new forms of credit
- Whether Ethereum can be displaced in its leadership position in the NFT market
- What gmoney thinks could revive OpenSea’s prospects
- Whether Blur's model is to blame for the decline in the NFT market
- How gmoney thinks Blur should act to retain its market dominance
Thank you to our sponsors! Crypto.com | Arbitrum Foundation | Phemex | Popcorn Network
Guest | gmoney, NFT collector and founder of 9dcc
Links |
Previous episodes of Unchained and The Chopping Block debating NFT Royalties:
The Chopping Block: Did Blur Cause a Decline in the NFT Market?
The Chopping Block: Two on Two Debate: NFT Royalty Throwdown!
Are NFT Royalties the Way? How to Build a Sustainable Creator Economy
Decrypt:
Blur Jumps Nearly 30% Within Days While OpenSea Layoffs
Did Blur Really Crash the NFT Market?
OpenSea’s move to make creator royalties optional for NFT trades
Blur Overtakes OpenSea as Ethereum NFT Trading Skyrockets
Cointelegraph: OpenSea lays off 50% of staff with severance in preparation for version 2.0 launch
CoinDesk: NFT Lending Platform Blend Sparks Concerns Over Ecosystem Liquidity
The Information: Coatue Cuts Value of OpenSea Stake by 90% as Fund’s Returns Sag
Axios: The fight over a shrinking NFT market as marketplaces foresee next big boom
Unchained Podcast is Produced by Laura Shin Media, LLC. Distributed by CoinDesk. Associate Producer is Eleanor Pahl and Executive Producer is Jared Schwartz.
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Transcript
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| 1:06.1 | What Blur did really well is they allowed, almost like allow for pro trading to happen |
| 1:13.6 | at scale, which is something was really hard in OpenC. |
| 1:17.6 | And so like I generally don't trade NFTs, but one of the things when I go to sell stuff |
| 1:22.6 | is that it's hard to sell stuff on OpenC, right? |
| 1:25.6 | Like I have to, it's a time consuming process, right? If I have 100 NFTs of a collection and I hard to sell stuff on OpenC, right? Like, I have to, it's a, it's a time-consuming process, right? |
| 1:28.2 | If I have a hundred NFTs of a collection and I want to sell some, I have to list each one |
| 1:33.8 | individually. I think what Blur did especially well right out of the gate was, you know, they allowed |
| 1:39.4 | for, you know, if I had 100 NFTs, I could list them pretty quickly. |
| 1:47.2 | You know, they also brought in liquidity on like the bid side. So they incentivize people to buy on their platform. |
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