Top 5 Takeaways From CryptoOracle’s NFT Conference Call on March 26th
On March 26th, we held a conference call on NFTs featuring Alex Atallah (CTO of OpenSea), Chris Cashwell (Co-Founder of @Mythereum), Tom Teman (CEO of Portis), and Chris Maree (CTO of Radi.Cards). You can watch/listen to the hour long conference conference below…
… or you can save some time and read about our five major takeaways from the conference call:
1. The NFT Market Is Small Today, But Growing Rapidly, Particularly in Asia
Alex indicated that OpenSea typically sees between 2,000 and 4,000 Ether worth of transactions a month, and that volume is growing more than 50% quarter-to-quarter. OpenSea estimates that they are about 1/3rd of the entire market. So it’s early in the NFT secondary market, but it’s growing rapidly. Alex went on to state that gaming, with an estimated 29,000 users today, is the sector that is growing the fastest. And they monetize at a much higher rate than the normal 5%-10% of gamers that become paying custoerms.
Alex further stated that Asia, and Japan in particular, is the geography driving the most volume.
2. NFTs Are A Great Way To Onboard People To The Crypto Community
Portis highlighted how their SDK for developers has Web 3.0 bundled in, so users can be onboarded to the space without any of the usual hassle. In particular, Portis enables a “Gas Relay”, allowing a contracts owner to sponsor the gas fee associated with a contract, removing the biggest hurdle for onboarding new users.
3. Leveraging Sidechains Is The Best Way To Deal With The High Cost of Putting Everything On Chain
Chris with Mythereum stated that even with a gas relay, someone has to pay the high cost of putting things on chain. Mythereum believes that there’s no need to bloat the Ethereum network with game logic. That’s why most of the activity on Mythereum happens on a sidechain, and brought on chain at any time by “forging”.
4. North America & Western Europe Monetize The Best
While the activity is greatest in Asia, monetization per active user is higher in North America and Western Europe. Within western Europe, Chris with Mythereum stated that Spain, France and Italy generate the most revenue.
5. 2019 Will See Increasing Interoperability & Real World Elements
When asked about the outlook for 2019, Chris Cashwell was excited about the possibilities to use NFTs across games, across different worlds, given the standards that are being developed this year.
Chris Cashwell believes that 2019 will be the year that more real world elements go on chain as NFTs.
We continue to be big believers in the future of NFTs and our leveraging our community to spread the word. To that end, we will be featuring NFTs as the featured topic at CryptoMondays NYC on April 15th. Here’s a link to RSVP.
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