NFTs will move away from crypto, OpenSea CEO suggests

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Devin Finzer, CEO of the world’s leading non-fungible token (NFT) marketplace, OpenSea, distanced NFTs from the rest of the cryptocurrency market during a recent interview with the Financial Times.

Finzer’s comments follow an ongoing downturn in the crypto market caused by the fall of leading crypto exchange FTX which dragged many other companies to his side in the grave.

He admits that “NFTs don’t exist in a vacuum” and that the changing climate of the crypto market has also brought winter to the NFT space.

OpenSea CEO sees changes coming to the NFT space

Finzer wants to distance NFTs from the rest of the cryptocurrency space.

“It is not necessarily the case that NFTs will always be bought and sold denominated in cryptocurrency as they are today…there are a variety of reasons why this makes sense in today’s ecosystem, but as we become wider and more accessible, there’s no reason why NFTs couldn’t at least be denominated in US dollars… it’s really important that regulators and government officials understand that this is not not the same as the broader crypto industry, where the focus is on financial use cases.

Devin Finzer, CEO of OpenSea.

The news follows a recent report that China plans to create its first regulated market for NFTs and launch it early next week. News about the use of NFT by unexpected entities continues to pour in despite the bear market, with a Taiwanese temple recently launching its own NFT collection dedicated to the Chinese sea goddess Mazu.

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