OpenSea investor reduces valuation in platform by 90%: ReportOpenSea, a prominent NFT marketplace, is focusing on expanding its product offerings to cater to Web 2.0 brands, helping them make a smooth transition into the world of Web3.
Shiva Rajaraman, OpenSea’s chief business officer, anticipates the launch of various projects with real-world benefits and utilities throughout the year.
OpenSea is collaborating with Web 2.0 and Web3 creators
The primary objective for OpenSea is to form partnerships with influential Web 2.0 and Web 3.0 creators and brands, working together to bring innovative products to life.
By providing necessary tools and simplifying the process, OpenSea aims to reduce friction for non-crypto-native brands, allowing creators to focus on their creativity while the platform handles the technical aspects.
Rajaraman has identified a range of non-web3 verticals, including fashion, luxury, gaming, media, and entertainment, with loyalty and membership programs bridging the gap between Web 2.0 and Web 3.0.
Targeting key verticals for growth
This year, OpenSea plans to focus on two or three key verticals, demonstrating the value of the brand engagement it can generate through its services.
To onboard more brands, the platform must offer tools that feel familiar and emphasize the utility behind the art, making it an essential part of their design journey over the next six months.
Rajaraman envisions OpenSea becoming a central hub where users can access significant digital assets that translate into real-life experiences and collaborations.
Creating a seamless user experience
For brands to successfully transition into the Web3 space, they need to work with platforms and agencies well-versed in the intricacies of Web3. By partnering with experts, brands can diversify their engagement efforts with fans and superfans alike.
Rajaraman believes that providing access, inspiration, and guidance is just as important as reducing friction for brands looking to make their mark in the world of Web3.
OpenSea’s commitment to fostering brand engagement and bridging the digital-physical divide positions it as a leading force in the integration of brands into the Web3 ecosystem.
The content of this article was inspired by a report from fintech online newspaper TechCrunch.
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