OpenSea, one of the largest NFT marketplaces, is well known for its trading platform, which allows users to buy and sell digital assets. But the company is continuing to expand its product footprint to appeal to other audiences like Web 2.0 brands, said Shiva Rajaraman, OpenSea’s chief business officer.
“We look at the rest of this year, and there’s been a lot of talk about what the potential can look like,” Rajaraman told TechCrunch+. “This is the year we launch projects or surface some projects that actually have real benefit or utility.”
The big journey right now is to “make bigger bets with key Web 2.0 and web3 creators 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 front stage, work on the back stage, too.”
OpenSea was founded in 2017 and has grown to become home for over 2 million collections composed of 80 million NFTs. It’s seen more than $20 billion in volume transacted on its platform, according to its website.
One of the biggest friction spots 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 verticals out there, including fashion, luxury, gaming, media and entertainment, Rajaraman noted. For example, loyalty and membership are two big areas that transcend from Web 2.0 into the web3 space.