Cointelegraph was on the ground at Non-Fungible Token New York City Event to observe the latest and greatest in NFT. Of the many projects and companies in attendance, we caught up with OpenSea co-founder Alex Atallah to learn what his company is all about.
OpenSea is a "Marketplace for digital goods, including collectibles, gaming items, digital art, and other digital assets that are backed by a blockchain like Ethereum," Atallah explained.
The whole space has roots in CryptoKitties, but it has grown exponentially since.
Now, some of the biggest VCs are eager to invest in it.
Formula 1 car for 416 ethsOpenSea's marketplace began with CryptoKitties, but the assortment of available products has greatly expanded since.
One of the most exciting lots thus far sold on OpenSea was an NFT representing a car in the upcoming Formula 1 game that was sold for 415.9 eths in May 2019.
"I have chatted with the guy. He is a collector, not a Formula 1 collector, but crypto. He is holding it long-term, he believes it will be worth a lot of money".
Crypto fakesIronically, collectibles built on the anti-forgery technology aren't necessarily immune to fraud themselves.
OpenSea generates $2-3 M in monthly revenues and is on the verge of becoming profitable.
Attalah is optimistic about the future and expects major game studios to enter the NFT space in the foreseeable future.
OpenSea: From Formula 1 Cars to Crypto Forgeries
Published on Feb 21, 2020
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.