nfts seem to be everywhere right now with beings wasting millions of dollars to own them but are they just a victimize with con artist selling worthless jpegs of apes to suckers for increased premiums or is it the future of owning digital art the founders of openc believe in the latter which is why they created the world’s first and now largest nft mart with a 95 market share but what is openc and how did they get so big meet us as we break down open seas beginnings how it prepares coin and what the future holds for this groundbreaking marketplace to fully understand openc we firstly need to explain what exactly nfts are nft stands for non-fungible token which as hubspot founder dharmesh abrupt at recently is an unspeakable word for an awesome idea and it’s no surprise that they are difficult to understand because you shouldn’t appointed your produce by what it isn’t but by what it is in short nfts are the opposite of digital coppers like bitcoin crypto coppers aren’t unique so one bitcoin is always equal to any other bitcoin this means that they are fungible or mutually interchangeable in other words an nft or non-fungible token on the other hand is a one-of-a-kind digital good all kinds of digital builders have gotten into nfts because it’s the first time it’s possible to create unique art and prove its ownership while allowing builders and collectors to deal with each other directly which is the whole idea behind open seas peer-to-peer nft marketplace some illustrious nft collections available on openc include the board ape yacht club which pieces a accumulation of 10 000 unique exemplified timber apes created by yuga labs it has generated more than one billion dollars in total sales were they even concluding spare among celebrities like eminem who waste 452 thousand dollars on a board ape that gazed just like him even wilder in rally 2021 an individual paid a record-breaking equivalent of 7.5 billion dollars for an alien punk that is a matter of the favourite crypto punks nft collection that too boasts 10 000 unique pixelated punks as mentioned openc is the first and largest nft marketplace where you can find all kinds of unique digital objects besides digital skill many other things are available such as collectibles avatars game parts domain names and even digital images of physical resources simply put openc is like ebay for a variety of digital objectives so how does it all start openc was founded in december 2017 by devin finza and alex atala both of whom had know-how with launching startups atala open seas cto graduated from stanford with a degree in computer science in 2014 having sold a world stage for nightlife venues announced hostess.fm the previous year after graduating “hes working” at palantir and zugata as a software engineer until he launched what’s goodly a social polling platform that he flourished to over 300 thousand users in 2016. Finza open seas ceo succeeded as a software engineer at pinterest after graduating from brown university where he studied maths in 2016 he propelled claimdog a tool that allowed you to find if a business owes you money by examination the position unclaimed dimension database he successfully sold claimdog to approval karma where he stayed as an engineering administrator until starting open c around the time of his successful exit finca became interested in cryptocurrencies and blockchain studying information and communication technologies and eventually deciding he wanted to make it his busines i was deep into crypto i was pretty set on doing something in the crypto infinite it was just a matter of what whether that was joining a company starting a company but i was going to all the meetups back when you could actually go to physical learning as much as i could about it and then this project cryptokitties which i believe you had on the demo jaunty labs touch the mainstream tech panorama and really indicated the world that there was other trash to do in crypto outside of pure monetary or pure tech play-acts but that this could be a more consumer mainstream gathering type of technology so that’s when that’s when the world heard of non-fungible clues and that’s when i got interested in it along with atala finza drawn up with certain basic ideas and applied to the startup accelerator y combinator which provided them with 120 000 in seed fund while their initial projection announced wi-fi coin focused on sharing wi-fi bandwidth expend blockchain engineering they instantly swiveled to openc releasing it in february 2018. When they had to present their platform at y combinator a few months later they had already sold five hundred thousand dollars worth of digital collectibles participation in y combinator threw the openc unit fairly exposure to help them cause their first round for financing with high profile crypto investors like one confirmation founders fund and blockchain asset inserting two million dollars into the company that may initially open c’s primary generator of business was play makes like crypto kitties that were looking for additional revenue beginnings to monetize their recreation attributes nonetheless the company spend the remaining part of 2018 contributing more lists and aspects to the platform it also made its first buy the rivalling nft mart atomic bazaar further expanding its peculiarity adjust 2019 investigate openc continued to add more facets while working with various masters and developers such as deadpool themed nfts in cooperation with fox entertainment helping the platform become rewarding and the leading nft marketplace by the end of the year while the 2020 pandemic helped openc originate even further it would be 2021 that would take the company to the next statu over six months transaction volumes on the pulpit stretched a hundred crease daily volumes surpassed 10 billion dollars and reached 3.08 million dollars in trading work in august 2021 an 800 increase in comparison with the previous month by november 2021 openc had more than tripled this price to cross the 10 billion stigmatize this makes the company has already beat traditional prowes cellars such as the renowned british auctioneer residence christies which made nearly six billion dollars in sales despite all this trading openc doesn’t accuse anything to list an nft as the nft isn’t transferred to the blockchain until the first purchase or transmit is made this is also known as lazy minting nonetheless not all event rewards also known as gas costs are covered by openc first-time sellers get paid two transaction gas fees to set up their details there are also gas fees when an component is sold and these need to be paid by either the buyer when purchasing determined toll items or the dealer when professing presents so how does openc make money the company attacks a services cost of 2.5 whenever a digital part is sold on the scaffold while it hasn’t disclosed its revenue representations yet adjudicating by the trading volume to date this figure is bound to be healthy to date openc has raised a total of 427 million dollars in funding over nine rounds with their latest 300 billion dollars series c round on january the 4th render the company a valuation of 13.3 billion dollars not bad for a company that’s not even four years old yet still it hasn’t all been smooth sailing for openc in progress 2020 the platform was only preparing 28 thousand dollars in receipt per month creating a form or violate minute for the company the founders felt the nft sell was dead and decided they would close up shop if they didn’t double their income by year end as it turned out they would reach that goal by september the company likewise had to de-list a collection of nfts when lava labs the architect of crypto punks published a dmca takedown solicit against polygon punks a emulate of crypto punks that was stored on a different network to crypto punks nonetheless polygon punks made a return that september after a successful appeal still open c remains the leader in nfts with a market share of more than 95 percent although this could change as coinbase one of the world’s biggest cryptocurrency exchanges launched its very own nft marketplace in late 2021 as the leading nft marketplace openc is looking towards the future of nfts and developing with them in interviews finsa said open c will continue to expand beyond ethereum and onto other blockchains and increase the different categories of nfts it offers he also being of the opinion that the metaverse gaming and virtual macrocosms are all interesting guidances that are likely to continue to grow with the nft opening and that while openc will be the broadest and best mart there will be many others as well from the cryptokitties that inspired openc to launch to becoming the dwelling to million dollar nft accumulations such as crypto punks and council parrot yacht club in simply over three years the programme has emerged as a market leader in facilitating digital ownership that is set to make its founders the first nft billionaires while its meteoric proliferation can be attributed to entering the market at the perfect epoch some imagine open c is just taking advantage of an nft bubble that will eventually pop whether openc will still exist in 10 years depends heavily on whether this happens or not that’s it for our explosion of openc what do you think of this scaffold and nfts in general do you think that it’s the next large-hearted thing or is it only a big scam give us know in the comments below and if you enjoyed this video satisfy consider holding it a share and a big thumbs up for similar tales expressed support for our direct and stumbled the bell icon see you next time until then bye[ Music] you
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