What does OpenSea's new photo category mean for its marketplace volume?

 What does OpenSea’s new photo category mean for its marketplace volume?

So you just got that perfect, aesthetic shot. Will you now share it on Instagram in the hopes of receiving likes... Or should I sell it on OpenSea for ETH? Creators may have a new way to monetize their photos as a result of an announcement made by this NFT marketplace.

Say, "Cheese!"

OpenSea acknowledged the demand for a photography option on its platform and encouraged photographers to share their collections prior to the launch.

 

A few hours later, OpenSea announced that the photography page is up and that some creators had been featured there.

However, the question that arises is this – As an already established giant in the NFT space, what will a new user base of photographers mean for OpenSea’s dominance?

“Lens” take a closer look

In early December, ConsenSys’ Web 3 report revealed that OpenSea held 97% of the marketplace volume over the past quarter. The report also noted,

“And the transactions going through OpenSea speak volumes: in the record breaking month of August, the platform accounted for $3.16 billion of the total $3.25 billion in NFT sales volume.”

Is it even possible – or even sustainable – for this figure to rise any further? It could be argued that by accepting photos, the entry barriers for NFT creators have been reduced even further. After all, what cryptocurrency trader doesn't have a smartphone nearby?

There are, however, other factors to consider. With the launch of Coinbase NFT, OpenSea's influence could be shaken. This is a likely scenario if Coinbase follows suit and decides to accept photos as well. Furthermore, on OpenSea, frustration with Ethereum's gas fees or failed transactions is common, and it has cost many users dearly.

Coinbase NFT, on the other hand, reportedly wants to create a more open ecosystem in which NFTs can be purchased on any blockchain.

Overall, Coinbase NFT has the opportunity to address OpenSea's shortcomings on its own platform – as well as address the issue of artist protection.

"Newsflash"

A recent post by Marvel and DC comic artist Liam Sharp went viral after the artist reported that one of his pieces had been minted as an NFT without his permission and placed on OpenSea.

Sharp chastised OpenSea, claiming that the NFT marketplace should do more to prevent original art theft.

Now, with photos coming to the platform, it remains to be seen how OpenSea and its community will address the risk of art theft.

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