Opensea Is Dead…Good Riddance

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Ralph Chua is a publisher. He is passionate about NFTs and blockchain technology. This website is curated with content from his favorite source of information. He created this website with the intention to stay up to date with the ever-evolving and groundbreaking NFT industry.

Openc is dying and I'm going to say it Good riddance so Yuga Labs is partnering With magic Eden to do essentially an Exclusive Marketplace for board AP we've Got blur season 2 coming out on November 20 and when you have a look at opy what Are they doing when you have a look and Read through this thread you can see That they are saying goodbye to some of Their teammates basically every other Marketplace is innovating is doing some Stuff open SE or broken SE is dying Doing nothing and they've just dropped a Big bag now look down below there are Chapters so you can fast forward to the Sections that you want to help you Navigate the video easier also this is Not Financial advice I'm not a financial Advisor please do your own research Before moving in buying selling trading In the nft space it's very very risky Very very speculative so what's been Happening in the the nft marketplace Space over the past few years has just Been short of chaotic now what I'm going To do is I'm going to go down anding Break through the history of what has Actually happened in the marketplace Space where it's gone where we have come To and what is actually happened to Openc so in 2021 you really only had a Couple of different places that you Could buy and sell or trade nfts now one Of them was rable and the other was

Openc SE this meant that if you wanted To get into the space that's where you Need to go if you looked on YouTube and Looked up how to buy nfts how to trade Nfts how to me nfts it usually came down To openc or rable where did you want to Go and because there was essentially a Duopoly that was mainly leading towards Open c as the Monopoly it meant that They were taking the Lion's Share of the Trading on the secondary Market with Nfts now what do this mean this meant That openc was taking a fat fat bag in The hype of the Bull Run just check this Out June analytics we can see the volume Of USD that openc was taking and openc Was taking 2.5% of this volume in the Peak of the bull Run this is in billions of dollars 3.1 Billion another month 2.8 billion we Then had a crazy month which was the January 2022 4.8 billion so you can see Here that they were for a 6 to 7 month Period there was $2 billion worth of Transactions happening on the platform And what is 2.5% of 2 billion it is $50 Million every single month openc was Making $50 million now this is where They really dropped the ball because They were the Monopoly because they were The only place to go to that's where People were buy selling and trading and Openc had the chance they had the Ability to innovate to actually do more

To keep that market share but because They were the biggest because they were Printing money hand over fist they felt Like they didn't need to they felt like There was no way that they could lose The top spot and what this meant is it Meant that with the inflows of trading That was happening in the marketplace And you can see here um this is uh Nanson you can see all the activity all The action that was happening what would Happen is over time open C would go down It was dubbed broken SE the fact that When a big mint was happening when lots Of trading was happening you couldn't Actually trade on open SE and this got a Lot of people frustrated and this Frustration actually led to the Development of other platforms and this Is when we get into era 2 which is the Evolution of marketplaces and more Decentralized marketplaces because openc Did have its floors this is when we got The likes of looks rare and X2 Y2 now Looks rare had a token so as you would Trade uh nfts on looks rate you would Get the looks token and they also had an Airdrop to begin with which then got People to use the marketplace and then a Marketplace like X2 Y2 usually had the Lowest prices when it came to people Trading but people were still doing the Majority of trading on openc because There were less fees and things that

People could actually do when it came to Looks rare and X2 Y2 and the now I know I am going to get a little bit Convoluted with timelines because then We do have the introduction of blur but Please just hold with me after this we Had the gamification of the marketplaces Where people saw uh like Traders saw the Ability to actually get rewarded from Doing the trading on these marketplaces Yet openc still didn't innovate and Still didn't want to push things forward They still just let people trade and They racked up those fees and that money We then had the Aggregates like gem Which is now openc Pro but we had other Aggregates where you could do some Sweeping where you could actually use The tool to buy multiple nfts this is Something that openc could have Implemented but didn't implement this is This is where we started to see Innovation in people that wanted to Trade power users within the um platform In the space that wanted to do more but Weren't able to do it then came in blur Which took in all of these little pieces To combine them into one powerful crazy Marketplace and blur to me really Changed the game when it came to Turning Non-fungible tokens into fungible tokens With the way that people were able to Trade on the um Marketplace so what blur Essentially did is it kept shipping

Products but it kept innovating in the Way that the marketplace can actually Operate now this is when we get into the Zero fee era and this is when people see The downfall of nfts but I do think that Blur was a was needed in this space Because you needed someone to actually Innovate to actually push forward now The way the blur got its market share Was the fact that it used airdrops and Lots of farming techniques so people Were incentivized to trade Lots on blur To then rack up um points to then use Those points and the blur airdrop for Season 1 was absolutely crazy people Made quite a lot of money me personally I made $5,000 off that and lots of People made 10 203 $100,000 lots of People did get a lot of money and this Is where the uh Marketplace was really Kicked off and blur started to really Take over now having a look at the Marketplace Trends you can see where uh Blur actually took over so over the last Year you can see here that blur is this Um sort of top color here this white Color and open C is this bottom color Openc has basically dwindled this is Over the last year and blur has Absolutely just taken off when we look At it overall like over all time you can See that when blur came in it has taken The line share of the market and that is Where uh the majority of the trading

Actually happens on the market now I Know before there are people going oh Yeah but what about wash trading wash Trading is crazy if I turn the wash Trading filter off you can then see that It is even more crazy even more hectic When we have a look at um what's Actually going on and you can see all The wash Trading that happened on looks Rare um when people were trying to get The token and blur tried to uh stomp out Some of the wash trading so yes there is Wash trading but this filter here Filters out the wash trading so it Should get you more cleaner data so for Those of you that are going to drop that Below that's that caveat there now blur Did not Pioneer the zero fee Marketplace The zero fee Marketplace actually Originated on salana then magic Eden and Frank kind of got together to create Zero fees this was to kind of get ahead Of everything else this is with Doods And then this filtered over to blur so It wasn't blur necessarily doing the Zero fee Marketplace but what this ended Up happening is it meant that there was Zero royalties being paid on collections Which meant that a lot of projects ended Up dying because there was no action um In terms of royalties going into their Coffers to then uh keep funding their Projects which here a question for uh Which is the topic for another time so

This then put open seat on the back foot They then had to innovate to kind of Make some updates now you do have openc Pro which is Gem but then you started to Have their Launchpad platform like magic Eden does you then saw open seat start To do some uh functionality when it Comes to sweeping with offers uh like You do with blur and you can see that Openc then went from a being at the Forefront to being very reactive and Trying to catch up in the market and What this has then led to is for a Big Brand like board ape yach Club to Partner up with magic Eden because this Would be coming back to create um Honoring Creator royalties this will be One of the biggest hits for openc with The amount of volume that actually does Happen on the in the nft market board Ape yach Club is one of the biggest Drivers of activity on chain when you Actually have a look at some of the Statistics so having a look at the Market overview over the last 24 hours Bape yach Club is there last 7 days We're going to essentially see Bard ape Yach Club um the last 30 days we're Basically going to see Bard AE yach Club So Bard AE yach Club is the Behemoth it Is the Giant and all of its assets Underneath does feed through a lot of Trading and if this trading exclusively Goes over to Magic Eden to honor Creator

Royalties this is the nail in the coffin For openc openc will not be able to Succeed because I feel like openc is too Far behind they just have dropped the Ball they had the amount of cash they Had the amount of money they were at the Forefront to actually succeed but then They didn't they just let they rested on Their Laurels and thought that they were Always going to stay but not realizing That there were so many other innovators In this space that wanted to take some Of that share and that's when we saw the Likes of blur come in but then also Marketplaces like X2 Y2 looks rare come In and um right now even magic Eden Coming in to actually innovate what is Crazy crazy is that magic Eden has um an Ethereum Marketplace but it also has a Bitcoin ordinals Marketplace this is one Of those other things where openc could Have implemented salana earlier it could Have implemented ordinals earlier it Could have implemented them implemented It and cornered the market but they Didn't and this is why I feel like it's It's a good riddance to openc see it is This is what happens when you think that You're better than everyone else when You don't innovate when you don't give The consumers the people that keeping You alive the people are doing the Trading the people that are giving you That 2 and a half% if you're not giving

Them what they want they will move they Will change their alliances because Ultimately people want a frictionless um Experience and engagement when it comes Down to trading nfts but they want to be Heard they want to be traded the fact is That openc was just joked on about broky The fact that you couldn't get through To people at openc they had no um Support they were ripping in $50 million A month but they could own that but they Couldn't have a support network for People that were actually trading in the Space is just terrible and as a company I personally feel like they deserve to Die because they're not putting their Consumer first and putting their Consumer first would would mean Listening to them and giving them what They want in functionality of a platform Because ultimately it's those users and Those consumers that are giving um openc Life so what does this mean for the Entire Marketplace overall why is Someone like you Labs moving over to Magic Eden and where does this move uh In the future with a blue chip nft like Crypt punks what happened with Crypt Punks is they are their own Marketplace They have their own Marketplace so that Is where trading happens what this means Is it means that Crypt punks can't have The likes of a flooring protocol happen To them they can't have the likes of a

Blur happen to them they can't have any Other Market forces act on them the nft Itself acts within its own ecosystem Which I think is where a lot of projects Will eventually go to you will have These Blue Chip ecosystems that Will sort of contract and become their Own um Marketplace and they will trade Themselves to have more control and Ownership of what uh they want for the Consumer and the people that are buying Selling and trading their nfts this is Where I see it going the fact is I think Marketplaces in the beginning had the Power they had all of the power now we Are seeing that the projects are Actually the ones that have the power The projects that do all of the trading That get the volume those are the ones That have the ability to sway the market People are Marketplace agnostic people Will go where they are going to make be Able to make that trade where it's Easier and where they are going to um Sort of end up in a better position Financially so what this means it means That projects actually have the ability To control the market Yuga Labs you've Got Crypt punks and all of these other Projects may follow suit they may build Their own marketplaces or form alliances With marketplaces take some fees because These are the real winners in the nft Space not the marketplaces that have

Been taking a cut and not actually Delivering any value to the holders Themselves that is where I see the Market the marketplace Wars going and That's where I see the nft market as a Whole moving for Now something I want to touch on with Blur really quick before I wrap this Video up is the fact that Blur has been looked at as the thing That has caused the death of the um the Nfts but when I look at blur something That has been said that I think Resonates quite well is that when you Have a product like blur what you end up Having is is the infrastructure for People to do the trading you have the Infrastructure for people to buy sell And trade digital Assets Now right at The moment we are talking about jpegs But eventually when Rolexes when cars When houses when video game assets when Other assets that aren't just liquid Jpegs being traded on the secondary Market platforms like blur platforms Like magic Eden will become The the innovators this is where people Will flock to and people will flock to The marketplaces that actually make Sense because blur overnight could turn Into a Rolex secondary Market because Rolexes could get tokenized and then you Have this platform this infrastructure Right here right now ready to go when

You have a look at Magic Eden they have Done Pokémon card drops in reveals and Packs they're already taking the like Real world trading and physical trading And putting them into these marketplaces That have developed over time The sneaker flipping that you see on Something like stock X could very much Come over and be on Magic Eden because They've got the infrastructure in place There is um sort of defi lending with Something like blur these marketplaces Could eventually become the All-encompassing trading of everything That is digital in the space and that's Where I see the marketplace is going and You will then have the IP and the brands And the assets behind them backing those Marketplaces and we should see a better Experience for the users who ultimately Are the people uh that have the cash That are funding the projects that are Funding the marketplaces um through the Fees and royalties that they pay so that Is a look and a breakdown of the Downfall of openc why I believe they Failed and why I believe they deserve to Fail as a message forward to show you That the consumer is first you are first I am first we are not second class Citizens when it comes to paying fees And royalties to then get a subpar Product in the free market people are Able to buy and consume what they want

For the quality that they want people Aren't locked into monopolies so that is What the free market is and that's why I Believe that us as consumers should Demand more from our marketplaces just Because it isn't fair to pay a fee to Get a subpar product so hopefully you Enjoyed this video if you did go down There hit that subscribe button hit that Like button let me know what you think Below and tell me how much you hate blow Because everyone hates blow as always I've had a pleasure making this video Hopefully you enjoyed watching it and as Always I'll see you in the next video

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