OpenSea Vibes - Does NFT-hype keep the market strong?
OpenSea is the largest NFT marketplace where people can mint, buy and sell the NFTs on Ethereum blockchain. The platform is the most popular NFT bazaar / showroom thanks to the listed games assets, digital collectibles and many piece of art being listed.
The growth of OpenSea has been fascinating since it has always been in a correlation with the trend of crypto market in green days. Although the crypto market is still trying to stay above $42.5K for the price of Bitcoin, the whole market is ready for the movements that may happen in both sides.
Meanwhile, in NFT ecosystem, the attention of people on NFTs has not decreased. For people, NFT and Metaverse are two fashionable words that they use to fit any conversation. IMHO, the hype on these concepts is not likely to decrease when the crypto market comes back stronger; with another and stronger bull-run, both the brands and people will try to utilize the reputation of these outstanding concepts.
NFT Market Outperforms Crypto Coins
Not surprising, the attention of people has driven from buy-low; sell-high to a search for gem that requires risk appetite but great return if it skyrockets. The adrenaline addicted people, obviously, follow the way of NFTs that may help them make real gains during the vivid hype.
The decreasing attention on cryptocurrencies will halt the BabyDogeUniShibaElon type of coins that spam the whole timeline of crypto topics. On the other hand, we will be exposed to shining NFT animals and other types of creatures that annoys you the moment you come across them.
Artificial NFT Communities
I really enjoy when I see some temporary fan boys who advertise an NFT projects (in most cases the floor price 🤦♂️) until they dump their NFTs on newbies. Even though it looks really hard to create a new type of scheme, it is always possible when the greed is the fuel of a hype.
Crypto Punks, Yatch Club, Crypto Kitties and similar communities may stay strong in the winter and summer but the other copy paste NFT cannot be profitable for the ones who buy it from the shillers in the first place. IF the case is community, it is really hard to be involved in a worthy one through digital collectibles.
Sad but true...
Eventually, everyone will own an OpenSea account (?)
I believe this is the hidden message that is conveyed in conversations over the future of Metaverse. What is being depicted is always the VR and wearable technologies that transform people into digital beings that is equipped with NFTs in a virtual world.
Though sounds futuristic and interesting to some extent, the narrative will lose its value as it is speculated. What's the best fit for OpenSea (and the other marketplaces) would be the depiction of Youtube and its mass-adoption with the way OpenSea takes steps.
I enjoy wandering among OpenSea accounts of common people to see what they mint. Here is a great example that is fascinating. Though it is like a personal Facebook / Instagram profile, we see a successful photographer that could sell her shots with decent amount of money. With 0.5 ETH floor price for 14 pieces, it is an incredible case that can trigger the whole humankind to take an action 😅
Even though the crypto coins are not having great times, the NFT marketplaces and Metaverse (!) projects are still successful at selling their narratives to attract liquidity.
For many people, the OpenSea is a place where they can buy virtual lands, gaming assets, community IDs and piece of art. However, the way OpenSea platform enables mass-adoption is clearly similar to the way Youtube, FB, Twitter and other social media sources bring people. Though the vein search for community for many people will not be long lasting, we will see how "create (mint) free + sell anything" concept will be the fuel of crypto adoption. IMHO, the devastating promises of blockchain would never be as attractive as NFT and Metaverse concepts in the eyes of people.
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Lol, the world is always quick and easy to adapt, funny how we have shifted from meme coin to outrageous unnecessary NFTs. Well time will tell, let’s see how long people will keep pumping their money into NFTs.
As long as they help people explore blockchain for free and fast way, I'm okay with this NFT mania. It seems like OpenSea will be like new Youtube that everyone shares something :)