An Unlikely Partnership

An Unlikely Partnership

Crypto news Media Technology
February 27, 2020 by Super System
486
Bitcoin News

Cryptocurrency and Formula 1 Cars

Blockchain technology

The Non-Fungible Token New York City Event (NFT NYC) brought a lot of news. It is safe to say that the NYC event brought about the latest and greatest in NFT. The events had lots of projects and companies in attendance. One of such company was OpenSea.It’s co-founder, Alex Atallah, sat down with the press team to talk about his company. 

OpenSea is a “marketplace for digital goods, including collectibles, gaming items, digital art, and other digital assets that are backed by a blockchain like Ethereum,” Atallah said. The entire space has some of its roots in CryptoKitties, and it has grown astronomically ever since. Right now, even the biggest VCs are yearning to invest in it. 

Growing the NFT Space

OpenSea’s marketplace started with CryptoKitties, but the array of available products has expanded tremendously. One of the most interesting things sold on OpenSea was a Non-Fungible Token representing a car in the upcoming Formula 1 game. It sold for around 415.9 eths ( approximately $107,000 as at the time for filing this report) in 2019. 

“I have chatted with the guy. He is a collector, not a Formula 1 collector, but crypto. He is holding it long-term; he believes it will be worth a lot of money”.

Nevertheless, collectibles built on the anti-forgery technology aren’t infallible, and they are still susceptible to fraud as well. “Yes, we have fakes too. People will copy the smart contract one for one and all the media as well,” Atallah said.

Currently, OpenSea brings in around $3 million per month in revenue, and it is on the verge of becoming profitable. Attalah has high hopes for the NFT space, and he believes major game studios will join the area sooner rather than later

 


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