The ever-changing crypto industry

A recent report stated that the CEO of OpenSea admitted that the company may be considered for acquisition.

According to the data cited in this report, OpenSea once occupied 90% of the NFT market at its peak, but now it is clearly unable to compare with its largest competitor Blur. . In terms of daily trading volume, Blur’s daily trading volume is five times that of OpenSea.

OpenSea's current situation has directly led to its valuation being significantly reduced. It was once valued at more than 13 billion US dollars at its peak to only more than 1 billion US dollars today. .

The fall of OpenSea is really sad.

The first time I used OpenSea was in 2018, when I bought Ethereum’s CryptoKitties on it. Later, in 2021, NFT will rise on a large scale. All the NFT transactions I participated in during that wave were all completed on OpenSea. It can be said that I witnessed the entire process of OpenSea seizing the dividends bestowed by the times and climbing to the top.

In that era, although OpenSea occupied an absolute monopoly in the NFT field, its problems were becoming increasingly apparent. The biggest problem is that this platform does not pay much attention to the interests of users, and it is obviously inert and unwilling to make progress.

In the world of Web 3, users are no longer just users, but are more expected to become stakeholders in the success of the project. OpenSea is particularly criticized in this regard. Therefore, the call for when it will issue coins to reward users has never stopped. But the project side has always been noncommittal about this.

Although there are regulatory reasons for this, I think it is obvious that the project side ignores the community.

Thus, this is why x2y2 and looksrare appeared later. Although the momentum of x2y2 and looksrare did not last long, they began to shake OpenSea's position.

Finally, a competitor with more advanced play styles and greater feedback finally emerged. This is the Blur we see now.

Not only does OpenSea not do well in giving back to the community, it also does not do enough in terms of tracking the ecology and constantly iterating.

In this regard, a very typical reference case is Magiceden.

This NFT platform originally focused on Solana. It avoids OpenSea's absolute monopoly in the Ethereum ecosystem and finds an emerging market that is relatively less competitive.

However, because the development of NFT in the early Solana ecosystem was quite limited, the initial development of Magiceden also seemed very dull.

When the NFT of the Bitcoin inscription ecology emerged, Magiceden seized this opportunity and quickly turned to the NFT of the inscription ecology.

This step allowed the project to get out of the trough and find its position again.

In addition to Magicden, OK’s NFT trading market has also emerged amid this wave of inscription NFTs.

Magiceden and OK have both seized the opportunities and dividends given by the rise of the inscription ecology.

Compared to these rising stars, OpenSea seems too old-fashioned and outdated. Its advantages over these current competitors are getting smaller and smaller.

I guess the outcome of waiting for OpenSea will be pessimistic.

The development and iteration of the encryption ecosystem is so fast, and every big change comes so unexpectedly:

In 2020, the entire industry was still immersed in the mania of the DeFi summer;

2021 ushered in the hustle and bustle of NFT;

< p style="text-align: left;">In 2022, the entire industry is still immersed in self-pity after the bear market crash;

In 2023, we actually saw The rise of inscription ecology.

This is a fast-paced ecosystem: if the project side does not strive for improvement or enterprising, it will be ruthlessly eliminated by the market; if the investors do not seek improvement or enterprising, they will be ruthlessly eliminated. will be forgotten by history.

This is also an ecosystem with endless opportunities: if project parties work hard and continue to iterate, they can seize new opportunities and find new positioning; if investors work hard, they can seize new opportunities and find new positions. , and by continuing to iterate, you can seize new dividends and seize new wealth.