Hide Not Slide on Twitter: "What's next for OpenSea & the other NFT exchanges? My guess is we'll see NFT venues start to offer mobile apps which will then become full crypto trading destinations. Just like FTX is going downstream from crypto to NFTs, OpenSea can swim upstream & challenge FTX in crypto."

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Hide Not Slide‏ @HideNotSlide Nov 2

NFT exchanges have seen insane volumes & user growth since this summer - monthly trading volumes still clock in north of $2+ billion after an initial August frenzy:pic.twitter.com/MKDWD8Sdfx

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Hide Not Slide‏ @HideNotSlide Nov 2

NFT exchanges are generally separated by chain - I'm going to focus on Ethereum & Solana in this thread. Ethereum NFT trading is overwhelmingly dominated by OpenSea, the largest & most valuable exchange by a long-shot.https://www.theblockcrypto.com/post/111977/opensea-secures-100-million-in-series-b-round-at-1-5-billion-valuation …

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Hide Not Slide‏ @HideNotSlide Nov 2

The reason OpenSea is so valuable is that revenue capture on its volume is astronomically high. OpenSea charges a 2.5% fee on every trade - more than twice Coinbase's retail revenue capture of ~1.3%, which is considered rich. No wonder everyone wants to get into NFT trading!

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Hide Not Slide‏ @HideNotSlide Nov 2

There are other benefits to being the #1 NFT exchange. Because NFTs are not securities, manipulation & collusive trading activity isn't securities fraud. OpenSea execs have openly engaged in insider trading with no legal consequences so far:https://techcrunch.com/2021/09/15/opensea-admits-incident-as-top-exec-is-accused-of-trading-nfts-on-insider-information/ …

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Hide Not Slide‏ @HideNotSlide Nov 2

Ethereum NFT trading is dominated by OpenSea. Solana NFTs are more fragmented for now - trading is split between Solanart, Magic Eden, Digital Eyez, SolSea & Alpha Art. Competition for NFT market share on Solana is intense.

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Hide Not Slide‏ @HideNotSlide Nov 2

How does an NFT exchange compete for volume & revenue? One way is offering competitive fees, but most retail users don't care about transaction costs yet. Exchanges generally compete on UI/UX, intense marketing & networking with top NFT projects - a classic retail strategy.

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Hide Not Slide‏ @HideNotSlide Nov 2

One unique thing about the NFT world is exclusive listing agreements - an exchange will pay an NFT project for exclusivity in its first x amount of days listed, capturing the lionshare of trading volume before other exchanges can list the project. An example from @SaibaGang:pic.twitter.com/6W2HJ3Ld0m

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Hide Not Slide‏ @HideNotSlide Nov 2

The recent news of FTX & Coinbase entering the NFT space is important & highlights the question of network effects. FTX has already launched a Solana NFT exchange but hasn't gained a ton of traction so far, at least anecdotally. Brand name isn't everything in exchange world.

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Hide Not Slide‏ @HideNotSlide Nov 2

When a project first lists on one venue it's very hard for another exchange to become the go-to place for trading. Buyers are attracted to the exchange with the most listings & the best prices, which is normally the incumbent. Liquidity is hard to disrupt no matter the asset.

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Hide Not Slide‏ @HideNotSlide Nov 2

I think Coinbase & FTX will eventually control a significant share of NFT volume, but it won't be an overnight success. Coinbase should have the upper hand with a more entrenched US retail presence & better UI.

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Hide Not Slide‏ @HideNotSlide Nov 2

What's next for OpenSea & the other NFT exchanges? My guess is we'll see NFT venues start to offer mobile apps which will then become full crypto trading destinations. Just like FTX is going downstream from crypto to NFTs, OpenSea can swim upstream & challenge FTX in crypto.

4:36 PM - 2 Nov 2021

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1. Hide Not Slide‏ @HideNotSlide Nov 2
  I like NFTs & think they're a fun evolution of digital culture. I think NFTs will grow sizably in the coming years led mostly by Coinbase's entry into the space. I'll be writing more about NFT exchanges in an upcoming post - sign up below if interested:https://frontmonth.substack.com/
  
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