“Gold Rush” reappears? Before, there is DeFi leader Uniswap, and after that there is NFT dark horse Opensea

At this time last year, many people knew Uniswap for the first time . The reason was simple and profitable.

Many people bought a little-known token today, and sold it at 10 times or 20 times the next day, some of them took longer, and the myth of a hundred times in one or two months abounds. Of course, there are also many people who have been fooled by buying various air coins issued by “unscrupulous scientists”, and they have lost their money.

However, this can’t stop people’s enthusiasm to go to Uniswap to pan for gold, which is also an era when DeFi grows wildly and Token is flying around.

What is slightly ironic and funny is that after Uniswap issued Tokens, the biggest winners were those “unscrupulous scientists” who changed an address every time they issued an air coin, and received tens of thousands or even hundreds of thousands of dollars in Uni airdrops due to a large number of interactions. .

Today Uniswap has grown into a tens of billions of unicorns and has become the leading project in the DeFi sector . At this time this year, many people have known Opensea for the first time.

State of Opensea

Last year’s DeFi season, this year’s NFT.

Last year’s Uniswap, this year’s Opensea.

You may not have used Opensea, but there are very few people who have never heard of Opensea. After all, this is already the largest ETH burning after EIP1559 .

"Gold Rush" reappears? Before, there is DeFi leader Uniswap, and after that there is NFT dark horse Opensea

For the “old people” of DeFi, this is incredible. A platform that trades NFTs can burn more ETH than Uniswap!

Just as they (including me) did not expect, the income of a game (AXIE) can actually exceed Uniswap, and even the income of ETH’s own agreement.

But this is the world of the blockchain, where the bulls and bears switch hotspots alternately. If you don’t pay attention to a few days, you may not know where the recent hotspots are going. Then dozens of articles are waiting for you to make up lessons…

You can buy and sell various mainstream coins, altcoins and air coins on Uniswap. What can you buy and sell on Opensea?

Of course, it is all kinds of NFTs , such as encrypted artworks, such as music made into NFTs, such as Ethereum domain names, such as NFTs for various member rights, virtual land or props for various chain games, etc.

Of course, the least is all kinds of collectibles, such as the familiar Punk, monkey, penguin, etc. Originally, these things are extremely fluid in everyone’s eyes, but the actual data is slapped in the face.

"Gold Rush" reappears? Before, there is DeFi leader Uniswap, and after that there is NFT dark horse Opensea

The data in August has approached the turnover of 1 billion U.S. dollars, and the number of users has soared to more than 200,000.

"Gold Rush" reappears? Before, there is DeFi leader Uniswap, and after that there is NFT dark horse Opensea

Among them, these things occupy the top sales charts: yes, they are basically JPEG series, Punk, monkeys, penguins… You have to ask why these “pixels” or pictures are worth so much money?

That’s a bigger topic. It’s definitely not a short article that can make it clear, but don’t worry, someone is making money, just like last year with mainstream currencies and watched DeFi make a big profit. This year It was the turn of the DeFi player to stare at the NFT player.

And the NFT is out of the circle! The Visa official spent $150,000 on a Punk avatar in the first two days, and a million for a JPEG made with pixels. Dare you think about it last year?

All in all, the world is changing fast…

Opensea advantages: capital behind, user experience, data, moat

Well, this article is not about NFT but about Opensea. Opensea is now known as the “Uniswap of NFT industry”, so we have to analyze what advantages and disadvantages it has?

What? Why analyze this? Of course, in order to decide whether or not to accept the token after Opensea issues the Token, let’s talk about the advantages first.

  • Backing capital

1confirmation, Coinbase Ventures, A16z, these three companies are basically known to everyone, the top in the circle, and the projects that all three companies are interested in, you know…

Especially the height of the limelight this year A16z, March A round of financing lead investor, July Series B lead investor again, we can see A16Z is how optimistic about the development of Opensea.

  • user experience

If you have used several NFT platforms, there is no doubt that Opensea is the one with the best user experience.

  1. The most complete things: There are currently more than 800,000 collectible types on OpenSea, and the number of NFTs exceeds 30 million.
  2. The interface is the most intuitive: search, categorize, and rank at a glance.
  3. The cheapest transaction: 2.5% handling fee, the lowest in the industry.

In terms of user experience, there is no problem at all regarding Opensea as the Amazon of the NFT industry.

  • data 

Just one word, scary! The article mentioned some data before, which is scary enough, such as:

  1. The transaction volume in August was already US$1 billion, and the whole year of 2020 will only be US$20 million.
  2. Burning Gas surpasses Uniswap. Here is the debut question. By the way, Uniswap’s daily transaction volume is more than 1 billion U.S. dollars, and Opensea is about 100 million U.S. dollars. Why does Opensea burn more ETH than Uniswap?

However, if you see the picture below, you think the data is not only scary, it is simply scary!

"Gold Rush" reappears? Before, there is DeFi leader Uniswap, and after that there is NFT dark horse Opensea

(Screenshot source: Dune Analytics)

To prevent confusion, post a high-definition close-up:

"Gold Rush" reappears? Before, there is DeFi leader Uniswap, and after that there is NFT dark horse Opensea

The proportion of transaction volume is 98.3%!

Uniswap accounted for only 70% at its peak that year, and Opensea directly killed the audience in August, basically dominating all the NFT transactions on the market.

This is really not scary anymore, but scary…

  • moat

Looking at the importance of a project, we must assume what would happen if it suddenly disappeared from the world today. What will happen if Opensea is gone?

The entire NFT system may collapse. Although NFT is decentralized, the images and metadata of many current NFT projects are hosted on Opensea’s centralized server. Many websites that display NFT data are also extracted from Opensea’s API. data.

From this point of view, Opensea’s moat in the NFT circle is quite deep at least for the moment.

Opensea’s disadvantages have not issued tokens , NFT market enthusiasm , and moats

"Gold Rush" reappears? Before, there is DeFi leader Uniswap, and after that there is NFT dark horse Opensea

After talking about the advantages, let’s take a look at the disadvantages. To be honest, there are not too many, after all, this is really a Niu X project…

  • Token not issued

Just like Uni, it just doesn’t post, and it’s still the boss. This proves my awesomeness again from the side. However, from a retail perspective, this is actually a disadvantage.

Why? Because it means that once the Token is issued, it may have to be accepted at a high level. Opensea is now in this way, and the NFT transaction volume is monopolized in this way. Once the Token is issued, the valuation is sky-high. Then do you answer or not?

As we all know, a good investment should be a good project with a low price, and even a wrong price is even more perfect. And if Opensea issues tokens in the near future, it must be a good project with a reasonable or even overestimated valuation, leaving us with few secondary market opportunities.

  • The sustainability of NFT market popularity

In the past one or two months, Metaverse and NFT have indeed become too hot, but at the same time it brings up a question: how long do you think this fire can last?

After DeFi became popular last year, it can be said that it has been burning continuously. Even if it was recently robbed of the limelight by NFT, it has never been extinguished for more than a year.

NFT’s future imagination is of course large enough. Whether it is connecting with the real world or entering the meta-universe as the carrier of everything in the future, NFT will not lose DeFi at all in terms of “market dream rate.”

Just in terms of the current market performance, which basically relies on JPG to support the popularity, there may be a big question mark in the mind about the “persistence” of the NFT wave in the next 6-12 months.

Also, in DeFi, you bought the wrong Token. In a bear market, you have a big deal and sell it. Even if it drops by 90%, there will always be a price. And if the NFT suddenly bears, the JPGs in your hand may really be cold in your hands, and you won’t be able to sell them for a cent.

  • Or moat

The moat was mentioned in the above advantages, but this moat is not as strong as imagined in the long run.

  1. Metadata storage: More and more NFTs have begun to realize the importance of “metadata decentralization”. In the next few months, I believe that more and more NFTs will be stored in storage projects such as AR and Filecoin. , The degree of dependence on the Opensea server will be significantly reduced.
  2. Value capture: In fact, one of the largest NFT trading markets at present is undoubtedly the pet trading market of AXIE, the hottest chain game. But this market has almost nothing to do with Opensea. Because AXIE has built the chain and the trading market by itself, all commercial activities and behaviors are completed in its own ecosystem and have little relationship with the outside world.


If the future Web3 era is an era of App chain, and the head projects all make a chain by themselves, then the Ronin side chain model like AXIE may be a popular style.

In this model, most of the commercial closed loops of NFT and DeFi occur in the ecosystem within the chain, and there are not many spillovers. Opensea still has quite a challenge in its ability to capture these non-ETH L1 NFTs.


Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/gold-rush-reappears-before-there-is-defi-leader-uniswap-and-after-that-there-is-nft-dark-horse-opensea/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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