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OpenSea Founder Shares How to Value Tokens, Next Big Trends

  • Devin Finzer, co-founder and CEO of OpenSea, says he measures NFTs for cultural value and usefulness.
  • He also suggests that potential creators practice innovation and collaboration.
  • He predicts that tokenization of the world of physical assets and virtual games will be the next big trend.

Devin Finzer, CEO of the world’s largest NFT marketplace, Soaring popularity of NFTs This year, as evidence that people have become as hungry for digital assets as physical assets.

“I think the general theme is that more and more of our lives are already digitized. We really have a great way to own things and show them off in that context. I didn’t, “he told the insider in a recent interview.

NFT, or Non-substitutable token, Is a certificate of ownership mainly stored in the blockchain Digital items..They took off for this year Growing enthusiasm Widely beyond cryptocurrencies, NFTs with profile image styles such as: Cryptopunk And that Boring ape yacht club.. According to DappRadar, NFT trading volume in the third quarter was $ 10.7 billion, an increase of 704% from the second quarter.

Finzer believes this surge of interest in NFTs is due to the sense of community and exclusivity associated with purchasing one of these coveted avatars.

“There are many people who are deeply involved in cryptography,” he said. “It’s part of their identity, and this type of digital ownership is very attractive to them.”

Finzer attaches great importance to NFTs for cultural importance and usefulness

One of the biggest mysteries surrounding NFTs is a seemingly arbitrary assessment, but Finzer says it can be summarized in simple supply and demand.

“You can look at the art market and think of NFTs as art or collectibles that can be viewed anywhere online and become part of your identity online,” he said. “Potentially, it’s more valuable than a work of art that could be sitting in a particular physical location in a museum.”

As an example, Finzer cites the 2017 Cryptopunks release as one of the first NFT projects to be offered free of charge to anyone with an Ethereum wallet.Today, Avatar Over $ 11.7 million As collectors demand to own some of the historic moments.

“So when you have this Cultural significance In the case of NFTs, I think they often really contribute to the prices people are willing to pay, “he continued.

Of course, not all NFTs are culturally important.

In such cases, Finzer utility Of a particular token. Items that have proven useful within a particular ecosystem, such as clothing and weapons that Avatar can show off in video games, are inherently highly useful, he says. NFTs that link to event tickets also have unique value.

However, not all NFTs with practicality and cultural significance attract a stunning reputation. Critics like Galaxy Digital CEO Mike Novogratz Even if the NFT itself maintains its power as a form of art, it can reduce its distorting reputation.

OpenSea, the NFT marketplace Finzer co-founded in 2017, has been working to improve the NFT space in a variety of ways. This includes recently allowing users to execute transactions and purchase tokens. Only $ 1 OpenSea uses Layer 2 blockchain polygons to cover all additional gas charges and uses planned features to trade on the platform Fiat money..

“”[Polygon’s] It’s a very exciting innovation for anyone who just wants to get started and wants to play games or join the NFT ecosystem without buying super-expensive collectibles, “Finzer said.[There’s] There are many things in the pipeline, but the main one is to allow people to buy without having to own the crypto. “

How can creators maximize NFT values?

For those interested in creating their own NFT for sale, Finzer offers two tips. Innovate When collaboration..

Creators need to make sure they research what’s trending in this area and aim for: “Pushing the limitsWhat started out as a simple digital image has evolved into a sophisticated token with AI-generated components and one with exclusive access to certain perks. Since NFTs are still very new, Finzer thinks there is plenty of room for experimentation.

He also has potential creators Collaboration with existing artists In space, quoting recently Mike Tyson collaboration As an example.

“”[Tyson] In the end, we worked with existing crypto artists to create something very interesting, which struck a chord with the community, “Finzer said. It’s really important. “

Of course, the influx of interest and the new NFTs on the horizon are accompanied by a potential increase in risk as in recent years. Evolved ape rug pullWhen the developer disappeared for $ 2.7 million after failing to offer the promised fighting game.

Near Finzer’s home, an OpenSea employee resigned last month after it was discovered that he had purchased an NFT, but before it was put up for sale. According to Finzer, the company has since imposed “stricter restrictions on employees” than the average trader.

In a broader sense, he proposes two strategies to protect against potential fraud. First, be careful of the people you contact via chat, and be especially careful not to divulge your personal information. Second, he encourages you to learn the technology behind the blockchain and how crypto wallets work.

“Unfortunately, this is a bit more casual and I don’t think it’s a space where you can do anything without doing anything. [any] It’s a kind of understanding. “

The next big trend for NFTs

According to Finzer, NFTs can be used in the real world as follows: Membership token Exclusive group or accreditation, or Access special events Concerts and courses.

Beyond digital assets, he states that real estate can become a prime number for tokenization.He also believes that strong future use cases for NFTs will connect NFTs to rare ones. Physical collection, Sneakers, etc. can be redeemed at a later date. Finzer is not a large collector, Virtual reality game NFT..

He states that the gaming NFT industry is in its infancy in terms of potentially unlimited features for new products and gameplay styles.

In the space, Finzer is careful Roblox When Fortnite List the new world he is excited about as an established project with continuous interest Crypto voxels, Decentraland, sandbox, When Somnium space.. Among them, he says, there were some integration experiments that allowed users to teleport around the world and take certain items out of space.

In contrast to traditional virtual worlds like Second Life, Finzer believes that blockchain can minimize the challenges that the next generation may face with fraudulent items and monetary policy. increase. Open economy No developer control is required.

“Generally speaking, I think experimenting with open and closed economies will really allow these new virtual worlds to thrive,” he said.

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