OpenSea, one of the largest NFT marketplaces, is known for its trading platform, which allows users to buy and sell digital assets. But the company continues to expand its product footprint to appeal to other audiences, such as Web 2.0 brands, said Shiva Rajaraman, OpenSea’s chief business officer.
“We’re looking at the rest of this year and there’s been a lot of talk about what the potential could look like,” Rajaraman told MinRegion+. “This is the year when we launch projects or surface some projects that have real real benefit or utility.”
The big journey right now is to “take bigger bets with major Web 2.0 and Web3 makers or brands,” Rajaraman said. “And do whatever it takes to make that product come to life and be clear. Don’t just work on the frontstage, but also work backstage.”
OpenSea was founded in 2017 and has grown to be home to over 2 million collections comprising 80 million NFTs. It has seen more than $20 billion in transactions on its platform, according to its website.
One of the biggest points of friction in the NFT space right now is the need for tools for non-crypto-native brands, Rajaraman said. “It’s too complicated, so if we can be a platform that reduces that friction and makes it easier, then a creator can do what they do, which is be creative, and we’ll take care of the rest.”
There are many non-web3 industries, including fashion, luxury, gaming, media and entertainment, Rajaraman noted. For example, loyalty and membership are two big areas that are transcending from Web 2.0 to the web3 space.