In The Aftermath Of The Crypto Crash NFT Platforms Are Changing Their Strategy

In a quick succession, major NFT platforms such as Foundation, SuperRare, and OpenSea have made significant changes to the way they manage their businesses. While none of the pivots has been characterized as a market response, the timing and nature of the brand new efforts appear to be meant to compensate for the shortage.

Foundation’s strict curating set it apart from platforms like OpenSea, which have produced substantially more money but have also been plagued by frauds, hackers, rug-pulls, and other problems associated with not authenticating members. However, as the industry evolves, exclusivity may have become a threat to the scale required to survive.

Foundation stated in mid-May that it will be abandoning its invite-only strategy, which they described as a move away from the gatekeeping attitude of Web 2.0 (the internet we have today) and toward the greater freedom and democracy of Web3 (an internet experience built off of decentralized technologies like blockchain).

Ethereum, the crypto-currency used to create most NFTs, fell below $1,800 on Friday, its lowest value in almost a year. It’s a long way from the high $4,000s it reached in November. Even among a crypto-community accustomed to the asset’s volatility, the mourning has begun as a result of the drop. NFT platforms, on the other hand, do not go through the five stages of grieving before taking action.

The Greater Freedom And Democracy Of Web3

In a quick succession, major NFT platforms such as Foundation, SuperRare, and OpenSea have made significant changes to the way they manage their businesses. While none of the pivots has been characterized as a market response, the timing and nature of the brand new efforts appear to be meant to compensate for the shortage. While none of these pivots has been characterized as a market response, the timing and substance of the new initiatives appear to be meant to compensate for the current lack of enthusiasm in the market.

Foundation is an NFT platform noted for its exceptional quality and emphasis on one-of-a-kind or limited-edition NFTs (as opposed to large PFP NFT collections like Bored Ape Yacht Club, or Crypto Punks). This was made possible in part by the fact that in order to sell work on Foundation, an artist had to be invited by the platform or by other artists who were already using it.

Foundation stated in mid-May that it will be abandoning its invite-only strategy, which they described as a move away from the gatekeeping attitude of Web 2.0 (the internet we have today) and toward the greater freedom and democracy of Web3 (an internet experience built off of decentralized technologies like blockchain).

More Viable Component Of The Organization To Focus On

Nonetheless, Foundation’s strict curating set it apart from platforms like OpenSea, which have produced substantially more money but have also been plagued by frauds, hackers, rug-pulls, and other problems associated with not authenticating members. However, as the industry evolves, exclusivity may have become a threat to the scale required to survive.

Foundation, on the other hand, appears to be concentrating its efforts on a new operating system dubbed Foundation OS, whose slogan is The building blocks for a new internet. The operating system, which functions as a type of key service infrastructure, is based on the data exchange protocol developed by the Foundation for its marketplace. When short-term trading isn’t in favor, focusing on infrastructure solutions may appear to be a more viable component of the organization to focus on.

Sunil Singhvi, chief business development officer of NFT platform Rarible, believes that having this kind of diversity is critical right now (Rarible has not announced any changes).

ALSO READ: Which Ethereum based Altcoin recorded 70% growth in just ten days?

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing