![]() ![]() Even by late 2020, the company had just seven employees, making it relatively easy to weather the crypto bear market and remain patient until NFTs shot up. Notably, OpenSea maintained a small team for the first few years. We wanted to build a decentralized marketplace for NFTs, and we were fine for it to be small for 3-4 years.” “ willingness to be in the space for the long haul, regardless of the immediate growth trajectory. By 2019, Rare Bits had gone out of business, but OpenSea was just starting. In the long run, OpenSea managed to attract more investors by staying focused and improving its core product. Rare Bits beat OpenSea in terms of fundraising, securing $6 million compared to OpenSea’s $2 million. OpenSea described itself as “eBay for cryptogoods,” while Rare Bits said it was “A zero fee eBay-like marketplace for crypto assets”. In February 2018, OpenSea and Rare Bits launched simultaneously on Product Hunt. Rare Bits, a rival project to OpenSea, seemed to have the talent to create a superior NFT marketplace, particularly as it was composed of four ex-Zynga employees. However, Finzer was not the only one hit by the idea of building a solution in the space. “What led us to think this could be much bigger there was a standard for digital items…Everything that came out after CryptoKitties would comply with that same standard.” ![]() In an interview with The Generalist, Finzer said: Devin Finzer, co-founder and CEO at OpenSea, who witnessed the meteoric rise of CryptoKitties, decided to create a marketplace for these assets. Dubbed CryptoKitties, the digital cats generated significant interest at the time when one item in the collection, called “Genesis,” sold for 247 ETH, approximately $118,000 at the time - or $1.1 million at today’s prices.ĬryptoKitties were launched as ERC-721 based tokens, with ERC-721 acting as the underlying infrastructure for the project. November 28, 2017, represented the official launch of the very first NFT project. How Did OpenSea Get Off To a Flying Start OpenSea, the NFT marketplace, commands almost the entirety of the emerging NFT, accounting for more than 97% of the market, beating both Google and Facebook in terms of market share it its respective field. Such a level of control is scarce in other industries outside of the digital world. Facebook similarly captures a dominant share of the social media market, boasting more than 3x the active users as WeChat, its nearest competitor. Google, which holds a 92% market share for internet searches, is by far the most dominant company as far as search engines go. When thinking about the most dominant companies by market share, a few names come to mind. Please consult our website policy prior to making financial decisions. Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice.
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