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

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!

• 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: 
• 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 

Learn more about your ad choices. Visit megaphone.fm/adchoices