OpenSea CEO Devin Finzer has tried to allay concerns about uncertainty in the non-fungible token (NFT) market as a series of scandals hit the industry, the Financial Times reports. reported.
The 32-year-old CEO told The Times that the recent “recession” in the crypto industry has contributed to the decline in the value of digital assets, referring to crypto exchange FTX’s bankruptcy filing in November.
Finzer acknowledged that the market hype over the past two years has caused OpenSea’s value to skyrocket.
OpenSea is one of the world’s largest marketplaces for NFTs. NFTs are online digital collections or artworks using the same blockchain technology as cryptocurrencies.
Finzer said NFTs still have a “promising future,” arguing that people will continue to spend money on digital assets for years to come.
“NFTs will not always be bought and sold in cryptocurrencies as they are today,” he said.
He said, “There are various reasons why it makes sense in the current ecosystem, but as we become wider and more accessible, there is no reason why NFTs cannot be denominated in US dollars.”
OpenSea’s Ether cryptocurrency monthly trading volume fell from a peak of $4.9 billion in January last year to $253 million in November, according to data from a user named “rchen” on Dune Analytics. 95% less.
The New York-based company doesn’t disclose financial data, but according to the Financial Times, OpenSea’s NFT daily trading volume fell from a record 2.3 million in January to 740,000 last month. 68% decrease.
Donald Trump NFT lowest price plunges 80%
The Trump Digital Trading Card, a series of NFTs held by the former U.S. President, has seen 80% of its value as the lowest price of Ethereum (ETH) fell from $0.84 a decade ago to $0.16, according to CryptoSlate. lost.
According to OpenSea data, 15,115 owners hold 45,000 NFTs, representing a unique owner rate of 34%, Cryptoslate observes.
45,000 NFTs were available for minting during the sweepstakes entry period. Trump launched his collection on December 15th. Each NFT during the admission period is $99 and currently he is worth 0.083 ETH.
