OpenSea has become one of the largest NFT marketplaces since its inception in 2017, and it’s now looking to expand its product offerings to include Web 2.0 brands. The company’s chief business officer, Shiva Rajaraman, explained that OpenSea is looking to make bigger bets with key Web 2.0 and web3 creators or brands to produce products that offer real utility or benefit to users.
According to its website, OpenSea has grown to become home for over 2 million collections composed of 80 million NFTs and has seen more than $20 billion in volume transacted on its platform. However, the company is not content with stopping there. OpenSea is committed to expanding its product footprint to appeal to other audiences such as Web 2.0 brands.
One of the challenges for non-crypto-native brands entering the NFT space is the lack of tools available to make it easier for them to participate. This is a friction point that OpenSea aims to address by being a platform that reduces the complexity and makes it easier for creators to focus on being creative. OpenSea believes that if it can support creators by eliminating bottlenecks, it will enable them to innovate and produce more compelling products.
Rajaraman stressed that OpenSea is looking to work behind the scenes as well as on the front stage. The company understands that creating an innovative product isn’t just about having great marketing or a high profile. It is also about having a sound technical architecture that can scale and be sustainable. For this reason, OpenSea is investing in developing a comprehensive, all-in-one platform for NFT creators that offers them everything they need to get started and scale their businesses seamlessly.
OpenSea’s expansion plans are driven by its desire to help creators and brands extend their reach beyond the current limits of Web 2.0. The company sees itself as a cutting-edge platform that can help bring about revolutionary change in the way creators and brands work. This includes connecting them with new audiences and technologies that they may have never considered before.
Rajaraman highlighted that there are many non-web3 verticals such as fashion, luxury, gaming, media, and entertainment that OpenSea is looking to cater to. For example, loyalty and membership are two significant areas that transcend from Web 2.0 into the web3 space. OpenSea believes that it can add value to these verticals by offering creators and brands the tools they need to fully exploit the potential of blockchain technology.
OpenSea is tapping into the ongoing trend of digital transformation by enabling creators and brands to reach new audiences and generate revenue in new ways. As the NFT space continues to evolve, OpenSea is positioning itself to be at the forefront of that change. The company’s focus on developing an all-in-one platform that puts the creator’s needs first is a significant step in the right direction.
In conclusion, OpenSea’s expansion plans are designed to provide greater utility and benefit to creators and brands while reducing friction in the NFT space. OpenSea believes that by doing so, it can help elevate the NFT market to new heights and transform the way creators and brands work. As the company continues to invest in product development, we can expect to see OpenSea launch more exciting products that extend the limits of the NFT space.