Next, translate 2-4
Topic: The Crypto Proposition for 2022 - Key trends, people, companies, and projects in the crypto space worth watching, along with predictions for 2022.
Original report download link: https://messari.io/pdf/messari-report-crypto-theses-for-2022.pdf
As a lucky early investor in the company (a modest self-promotion), I can tell you that I've never seen financials like OpenSea's before. Despite increasing competition, OpenSea, as the world’s dominant NFT marketplace, is raking in cash from enthusiastic NFT users.
Similar platform competition
Coinbase has 3 million users waiting for its upcoming NFT platform (four times the total number of historical OpenSea users).
FTX launched a platform for Solana-based NFTs.
Gemini already has Nifty Gateway.
Other exchanges will almost universally follow suit with their own products.
Then there are lurking open-source tokenization competitors
Infinity
Andre Cronje's Artion project based on Fantom
Because I already know a little bit of private information, I won't speculate on what next year might look like because I don’t want my accurate "guesses" after the fact to look like insider information. But at least I'll provide some conceptual thoughts on the company's current trajectory and the future of the NFT market later in Chapter 6.
For now, I just want to say that OpenSea has done an impressive job of scaling through chaos. Keeping the site active month after month with exponential growth in the end market, occasional glitches, and skyrocketing Ethereum GAS prices. There was also an unfortunate scandal about employee insider trading; new competitors have also distracted much of the market's attention. But Devin and the team kept moving forward, seemingly unfazed.
I think OpenSea could eventually become a $100 billion company (or platform), and their critics underestimate their lead advantage (I see the same thing happening with Coinbase). I'm hardly an impartial critic, but historically betting against category leaders with great teams has been a losing proposition.
In short, that's OpenSea.
You can listen to Devin's two Bankless podcasts in March and October to understand OpenSea's progress.
https://castbox.fm/episode/id2642451-id365168675
https://castbox.fm/episode/id2642451-id429328245