OpenSea, one of the The largest NFT markets, it is well known for its trading platform, which allows users to buy and sell digital assets. But the company continues to expand its product presence to appeal to other audiences, such as Web 2.0 brands, said Shiva Rajaraman, OpeanSea’s business director.
“We look at the rest of this year, and there’s been a lot of talk about what the potential can look like,” Rajaraman told TechCrunch+. “This is the year that we launch projects or introduce some projects that actually have real benefit or utility.”
The big ride right now is “making bigger bets with key Web 2.0 and web3 makers or brands,” Rajaraman said. “And do whatever it takes to make that product come to life and be clear. Don’t just work in front of the stage, work in the backstage too.”
OpenSea was founded in 2017 and has grown to be home to over 2 million collections made up of 80 million NFTs. It has seen more than $20 billion in volume traded on its platform, according to its website.
One of the biggest sticking points in the NFT space right now is the need for tools for non-crypto-native brands, Rajaraman said. “It’s too complicated, so if we can be a platform that reduces that friction and makes it easier, then a creator can do what he does, which is be creative, and we’ll take care of the rest.”
There are many verticals that are not web3, including fashion, luxury, gaming, media and entertainment, Rajaraman noted. For example, loyalty and membership are two big areas that transcend from Web 2.0 to the web3 space.
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