OpenSea Chief Seeks To Defend NFTs Amid Crypto Market Crisis

Key Points:

• Devin Finzer, the chief executive of OpenSea, the largest non-fungible token marketplace in the world, has distanced itself from cryptocurrencies.
• Finzer stated recent failures in the cryptocurrency business. According to him, there are many reasons why NFTs still have a promising future in the current ecosystem.
• Additionally, he held the opinion that consumers would keep forking over real money to buy digital photos and display them in their homes and online virtual spaces.

Following a string of controversies, the chief executive of OpenSea, the largest non-fungible token marketplace in the world, has distanced itself from cryptocurrencies.

Devin Finzer, CEO of OpenSea, acknowledged to the Financial Times that the cryptocurrency sector had recently experienced some setbacks.

As online collectibles and digital artwork known as NFTs, which are based on the same blockchain technology as cryptocurrencies, became a hype-fueled market during the previous two years, the value of OpenSea skyrocketed.

According to the OpenSea chief, there are many reasons why NFTs still have a promising future in the current ecosystem.

Additionally, he held the opinion that consumers would keep forking over real money to buy digital photos and display them in their homes and online virtual spaces.

“It is not necessarily the case that NFTs will always be bought and sold denominated in cryptocurrency as they are today. There are a variety of reasons why that makes sense in the current ecosystem, but as we get broader and more accessible, there is no reason that NFTs could not at least be denominated in US dollars,” Finzer told to FT.

Finzer also believes that the NFT market is growing and could influence consumer spending in the crypto climate.

“NFTs do not exist in a vacuum, there is the overall macro climate which has changed dramatically, and that affects consumer spending and the broader crypto climate, which is experiencing a winter right now,” he said.

After all, OpenSea is also struggling with a crypto winter. The leading NFT marketplace has seen monthly trading volumes in Ethereum fall 95% this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News