Why Could Instagram Easily Overtake OpenSenea and Become the World’s Largest NFT Market? The growing NFT market could spur an entry by Meta or a competitor. According to Deloitte, the sales of sports NFT will be worth $2 billion in 2022. OpenSea sales can reach more than $24.9 billion. Moreover, its market share of 97% has led to questions about the size of the NFT market. The CEO of OpenSea frequently avoids the spotlight by deflecting questions about the platform’s success. He even demurred when asked about the company’s vision. Alternatively, Zuckerberg is pathologically humble. But despite his humility, the CEO is a proven winner. He has a laser-sharp focus on the company’s priorities and isn’t distracted by the turbulence in the crypto market. The NFT market is highly fragmented, so a leader can easily compete against an alternate destination. Alternate destinations can grow and accumulate sufficient supply in specific categories or specialty features with enough growth. The success of OpenSea will drive capital into the NFT market and create more competition. Meanwhile, new buyers will flood into the ecosystem, driving up the price of the NFTs. By 2023, Instagram could have 2.2 billion monthly active users. And it is estimated that 2% of its users will adopt digital assets. That would be 44 million people, considerably larger than OpenSea’s 1.4 million user base. And these numbers are based on assumptions about the avera...
