Is OpenSea The Titanic Of The NFT Marketplace?

opensea marketplace

We all love stories of someone gaining or losing power—and I’m not talking in a kilowatt sense. Take, for instance, stories of an ascension to the throne. A king who started off as a peasant ends up claiming the highest form of royalty.

I don’t know about you, but that really charges me up. (Again, not in the electrical sense.)

By contrast, we don’t like stories without conflict. So once the king or queen takes the throne, there’d better be some problems.

Similarly, we tend to watch the crypto landscape with eyes ready to absorb conflict and change.

And when we talk about ascensions to the heights of royalty, few have done it better than OpenSea. But what are the chances their castle will remain fortified? Is OpenSea truly unstoppable?

We’re about to take a look at what’s going on with the self-proclaimed “world’s largest NFT marketplace.” But before we look at some potential pitfalls of OpenSea’s rule over the NFT world, let’s examine its most recent crown jewel.

Alliances Forged

The biggest news centers on OpenSea announced Solana’s price support on their NFT marketplace. It was such a big deal that Solana’s valuation went up 5% as a result of the announcement.

We covered this announcement in deeper detail, but even if you’re unfamiliar, this move positions OpenSea as a seemingly unstoppable force.

But is it though?

The First Arrow Shot: ApeGate

I don’t know if people call it that. But if they don’t, they should. It’s currently OpenSea’s biggest concern.

And a costly mistake, at that.

Essentially, the infamous Bored Apes Yacht Club NFT project skyrocketed in value. Then, on OpenSea’s platform, crypto copycats sprang up and attempted to cash in on the rapidly expanding market.

This went poorly for OpenSea.

Consequently, OpenSea took action against two of the biggest culprits and ended up having to pay out over six million dollars to investors affected by changes they’d made to their unlimited minting platform. The full progression is a little too detailed to get into here, but you get it, right?

In short, it became a PR nightmare. If someone is looking to jump the mote and storm the castle of OpenSea’s lordship, they need look no further than ApeGate.

(I really do want credit for that if no one else has claimed it.)

Fortification Needed… Or Maybe Not

Understanding ApeGate brings you to the conclusion that OpenSea needs to do a better job regulating malicious projects that snipe IP and ride on the market growth coattails of the hottest trends.

But doesn’t that defeat the purpose of OpenSea’s appeal?

I mean, if it was designed to accommodate the business of tons of people using its platform with little or no expertise needed, adding levels of security and authentication may gum up the system.

So either let the posers play, or make the board so difficult that it is a hardship to get in the game. Either way, it’s a tough spot for OpenSea to find success in the long term.

And those attempting to launch projects on the platform have some thoughts of their own.

The Absentee King or the Micromanaging Dictator?

To continue with the illustration of a king on the throne, OpenSea has to make the hard call between letting its subjects play or bearing down on those who don’t play well.

Ultimately, the verdict rests in the hands of the artists and developers.

With regard to OpenSea’s popularity, artists have to make the informed choice of working with a platform that may not value copyrights as fervently as others. Those making “takedown” notices for potentially fraudulent NFTs may find it especially troubling to continue to work in such a populated space.

Bots and thieves lurk among us. Prudence, perhaps, is the greatest trait found within developers and artists that go all-in on OpenSea. With all that said, OpenSea still maintains the lion’s share of the action.

Will OpenSea’s Reign Remain?

With every passing moment, OpenSea seems to shift to a higher gear.

But we’ve all seen kingdoms crumble.

What we should celebrate, however, is more and more stability shining through the crypto world. And no matter where your brand loyalty lies, when the system gets better, everyone benefits.

—————

If you’re interested in what’s going on with Solana and OpenSea, you might like hearing about the Cryptos that may explode in 2022. (Ignore the one that was hacked.)

Otherwise, if you get bored (like those apes in that yacht club) focusing on the changing times, maybe check out the Time Travel project of Space Albert. It’s smart and groovy, as the kids are saying these days.

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