OpenSea CEO: Gaming Will Drive NFT Adoption and Innovation

Posted on November 24, 2022 by Design in Design Innovation | 0 Comments

Leading NFT marketplace OpenSea’s CEO Devin Finzer has indicated that Web 3.0 gaming is capable of driving adoption of NFTs and increasing innovation in the sector. Speaking at a TechCrunch crypto conference in Miami, Finzer added that arrival of NFTs on Instagram and other social media platforms helps in the adoption of the virtual asset class which has been experiencing reduced uptake this year.

NFTs can Bring an Explosion

Finzer observed that the NFT space is very extensive and capable of igniting a major “explosion” when deployed as a critical in-game component. Apart from driving innovation, the OpenSea executive added that NFT usage inside games can whet the “enthusiasm” of aspiring NFT collectors.

Speaking on the overall NFT world, the OpenSea CEO noted that NFTs on social media platforms like Instagram are a positive addition, pointing out that it acts as a gateway for non-crypto users to embrace cryptocurrency and virtual artworks. However, he observed that the future of the NFT market may not solely hinge on virtual currencies.

NFTs without Crypto-Experience is the Future

Finser gave an example of Reddit NFTs where users invest in digital collectibles without necessarily being required to understand cryptocurrency. According to Finzer, having the option to interact with crypto-powered products without crypto experience lays the ground for NFTs explosion in the gaming world.

Finzer’s observation looks like a shift from the play-to-earn narrative that charged the previous boom in the crypto market. His sentiments come roughly a year after blockchain platform Stratis released a report indicating that NFTs will form a critical part of Web 3.0 games. It also comes at a time when the NFT marketplace is adding new features to support creators and collectors.

However, it’s unclear whether the exchange will branch into developing in-game items.