How Can OpenSea Regain Dominance After Layoffs and the NFT Market Decline?

NFT expert gmoney says that OpenSea “rested on their laurels” far too long. Can the once-leading marketplace rise again?

Posted November 10, 2023 at 7:00 am EST.

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

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