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Everyone's gunning for OpenSea, the $13.3 Billion NFT Marketplace gorilla in the room! 🦍💰💰💰
Part One is all about What We Know in our two-part trend report.
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ICYMI in the last 10 weeks we covered:
THIS WEEK’S DOPE NEW STARTUP IDEA COVERS:
* OpenSea + NFTs + Marketplaces 🔥
WHAT WE KNOW:
* The Market Indicators & Behavioral Consumer Trends we've identified.
>> [ OpenSea hit $14 billion in trading volume in 2021! ]
- thanks tim!
2021 will go down as the year of NFTs—and OpenSea.
OpenSea will finish the year with over $14 billion in trading volume conducted. The leading NFT marketplace saw a volume of $21.7 million in 2020, which means trading increased by a factor of 646 this year, according to data from Token Terminal.
As the premier destination for NFT trading, OpenSea has left its competitors in the dust, far outpacing trading volumes on rival marketplaces. The next largest platform, Rarible, handled $260 million worth of transactions in 2021, according to data from DappRadar.
>> [ OpenSea just landed a $13.3B valuation! ]
- thanks lucas!
The NFT auction marketplace OpenSea had a blockbuster 2021 and as a result is seeing its private valuation grow more quickly than almost any other startup.
The crypto firm announced late Tuesday that it closed a $300 million Series C round led by Paradigm and Coatue.
The raise valued the startup at a massive $13.3 billion valuation, showcasing the wild growth the startup has seen in recent months.
>> [ Major players are now all gunning for OpenSea! ]
- thanks andrew!
This spring’s NFT market boom put up massive figures, but it was nothing compared to the late summer resurgence, which led to nearly $10.7 billion of trading volume in Q3 alone. And OpenSea ate up the bulk of that sales activity.
With some $6.9 billion in trading volume the last quarter and a 10x surge in activity from July to August, OpenSea has rapidly become the biggest player in the NFT space—a burgeoning market for unique digital tokens that act like deeds of ownership over just about anything on the internet, including art, music, and more.
It’s a rapidly-changing space with a ton of money flowing in, so it’s no surprise to see other major players across the crypto space ramp up their own NFT marketplace efforts.
>> [ LooksRare launches $307M strong in its first 30 days! ]
- thanks brady!
Whatever the cause, LooksRare, the newly launched NFT marketplace, pulled ahead of the centralized market leader, OpenSea, in terms of protocol revenue almost immediately, according to data site TokenTerminal.
In the last 30 days, LooksRare produced $307M in protocol revenue vs. $110M at OpenSea.
LooksRare launched with an airdrop of its LOOKS token to past OpenSea users, and it has been growth hacking marketshare ever since by giving more LOOKS to anyone who makes a trade on the platform (also known as liquidity mining).
>> [ GameStop plots NFT marketplace launch for games! ]
- thanks andrew!
Today, the video game retailer revealed that it has chosen Ethereum layer-2 scaling solution Immutable X as the technology for its upcoming marketplace and that the companies have established a $100 million token incentive fund focused on NFT gaming.
Immutable X works on top of the Ethereum blockchain and is designed specifically for token-driven video games and NFT-based projects.
GameStop’s marketplace will focus on NFT items that can be used within games, such as those with a play-to-earn model.
The companies have established a fund that will provide up to $100 million to help yield the next wave of NFT-fueled video games.
>> [ Animoca Brands leads Burnt Finance’s NFT marketplace funding round! ]
- thanks mike!
Burnt Finance has now raised an $8M Series A round led by Animoca Brands, which develops and publishes a broad portfolio of blockchain games, traditional games, and other products.
Burnt Finance will now launch its own NFT marketplace, which will feature English, Dutch, and Buy Now auctions, aiming to be a hub for NFTs by integrating DeFi functionality, such a NFT lending, liquidity mining with staking incentives, fractionalization, and GameFi.
This will provide permissionless access to NFTs and claims to have low fees and fast speeds, with “160,000 users” on its waitlist. It also claims to have processed over $100 million of trading volume in 7 days on its Spark testnet.
THE DOPE IDEA & THE BRAND EXECUTION:
* Taking the idea and amplifying that into tactical action.
See you next week for Part Two in our report.
We’ll discuss on how to position ourselves as a new player in the OpenSea + NFTs + Marketplaces 🔥 space — and get into the development of the Brand IP, securing a legit Domain Name, then making it Internet LIVE.