November 10, 2023

How Can OpenSea Regain Dominance After Layoffs and the NFT Market Decline? - Ep. 568

43 minutes

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.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

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 from 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!

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Guest

gmoney, NFT collector and founder of 9dccLinks

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:

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

The Crypto Times: Blur Jumps Nearly 30% Within Days While OpenSea Layoffs

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

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By Laura Shin

4.6

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