In the rapidly growing world of Web3, NFTs have taken center stage as a new way for brands to engage with their audiences. As blockchain technology and the metaverse continue to evolve, brands are looking for innovative ways to stay ahead of the game. One important decision they face is choosing the right NFT marketplace to launch their projects.
With its large user base, high volume, excellent user experience, and openness to innovation, OpenSea has established itself as the go-to platform for brands looking to enter the world of NFTs.In fact, the platform hosted 31% of all brands that launched tradeable NFT collections in 2022, totaling 93 NFT collections and 59 brands.
For brands launching NFTs in Q1 2023, OpenSea continues to be the most popular choice among consumers, increasing its market share of brand NFT collections from 31% in 2022 to 37% in Q1 2023.
Clearly, OpenSea's popularity among brands is not fading away anytime soon In this post, we'll explore five reasons why OpenSea is the most popular choice for brands.
One of the key reasons why OpenSea is the most popular NFT marketplace for brands is because it has the most users. As the largest and most well-known NFT marketplace, OpenSea has become the go-to platform for buyers and sellers alike. In fact, according to a Dune analytics dashboard by Sealaunch, since October 2021, 81% of all NFT marketplace users have chosen OpenSea. For brands, this means that OpenSea is the best option to maximize reach and exposure. By leveraging the platform's massive user base, brands can be confident that their NFT projects will be seen by a wide audience, helping to drive interest and sales.
Another important reason why OpenSea is the most popular NFT marketplace for brands launching NFT projects is that it has the highest organic trading volume. In fact, 65% of all NFT trading volume since October 2021 has occurred on OpenSea. For brands, this makes OpenSea the best option for liquidity and revenue. It's worth noting that while some marketplaces have seen recent spikes in trading volume, such as Blur, these increases are largely inorganic and caused by wash trading. OpenSea remains the clear leader in terms of organic trading volume, which is why the vast majority of high-volume brand NFT projects can be found on the platform.
A third reason why OpenSea is the most popular NFT marketplace for brands launching NFT projects is that it uses both Ethereum and Polygon. Since 67% of all brands to launch web3 projects since 2022 have chosen either Ethereum or Polygon, it's clear that brands have a preference for these blockchains. As the leading marketplace on the most popular blockchains, OpenSea attracts the majority of these brands. This gives brands more flexibility in terms of choosing the blockchain that best suits their needs and preferences, while still being able to reach a large audience on OpenSea. By offering support for multiple blockchains, OpenSea has positioned itself as the most versatile and accessible marketplace for brands launching NFT projects.
One key reason for OpenSea's popularity among brands launching NFT projects is its intuitive user experience (UX). Many people find the world of crypto confusing and complicated, with intricate interfaces and specialized terminology. However, OpenSea has succeeded in simplifying the process of buying and selling NFTs, making it accessible even for those who are not tech-savvy. This is especially important for brands, as their target audience may not be familiar with blockchain technology. By providing a user-friendly platform, OpenSea enables brands to reach a wider audience and streamline the NFT launch process. Overall, this is one of the many reasons why OpenSea is the preferred marketplace for brands entering the NFT space.
The fifth and final reason why OpenSea is the most popular NFT marketplace for brands launching NFT projects is that it is an open marketplace. Unlike centralized providers, brands do not need to ask permission to launch NFTs on OpenSea, nor do they need to create their own wallet, or rely on centralized services. This reduces the cost and time of deployment, allowing brands to focus on the NFT project itself. Centralized exchange marketplaces have had low volumes, and recent events like the FTX crash have reminded brands and customers alike of the crypto maxim ‘not your keys, not your coins’, as NFT holders of collections released on FTX by Forbes, Golden State Warriors, Billboard, Coachella, and Mercedes were left unable to access their tokens. OpenSea's open marketplace approach provides a safer and more flexible option for brands to launch their NFT projects.
In conclusion, OpenSea's popularity among brands launching NFT projects can be attributed to its large user base, high organic trading volume, integration with popular blockchains, intuitive user experience, and open marketplace approach. With the rapidly evolving world of Web3 and NFTs, it's important for brands to choose the right marketplace for their projects. OpenSea has established itself as the go-to platform for brands looking to stay ahead of the game in this innovative and exciting space. To learn more about the latest trends in Web3 and NFTs, check out our full report covering 320 brands' projects from 2022 to Q1 2023. Click on the link provided to access the report and stay ahead of the curve.
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