Opensea and ADAMoracle: Different Exploring Directions for Killer Apps
From Bored Ape Yacht Club, The Sandbox to The PhantaBear, these popular NFT projects were born one after another, which also brought OpenSea, an NFT trading platform, into the public eyes directly. Thus, the short-term downtime of the OpenSea service directly made the insiders nervous on January 9th.
It’s also surprising to learn from OpenSea co-founder and CEO Devin Finzer’s response to the event of “service downtime” yesterday, the volume of OpenSea, which is a NFT trading platform, may have far exceeded people’s imagination, and only OpenSea technical engineering team is expected to expand to 200 people.
Seeking and displaying information of OpenSea
OpenSea, which was founded in January 2018, is currently the world’s largest market for crypto digital collections, covering the widest range of categories and the largest number of transferable digital collections. Meanwhile, OpenSea cooperates with game developers to create customizable online stores for users to buy and sell their crypto collections automatically.
According to Dune Analytics data, OpenSea’s market share has been soaring, which rose from more than 61% in July 2021 to 95% by the end of December 2021, ranking first in the market. However, the total transaction and user volume of SuperRare, second only to OpenSea, are only 1/24 and 1/6 of that of OpenSea.
On January 4th this year, NFT trading platform OpenSea announced that it had obtained the latest round of financing officially, led by venture capital firms Paradigm and Coatue Management. The company received $300 million in financing this round, bringing its post-investment valuation to $13.3 billion. In addition, the new financing will be mainly used for product development, improving user experience and investing in NFT and Web3.0 communities.
OpenSea went from a humble startup to a unicorn valued at more than $10 billion in just four years. OpenSea is already one of the most talked about blockchain startups in Silicon Valley.
ADAMoracle and Opensea
OpenSea is a dedicated platform for NFT transactions, and it takes the “specialized and refined” route, which is not the same as the development policy of ADAMoracle. Relatively speaking, ADAMoracle takes a “broad and deep” route.
ADAMoracle is the first decentralized oracle that adopts the “wide-area node price feeding” mechanism in the industry. It adds a large number of diversified servers as computing nodes and storage nodes to replace traditional oracles with Turing intelligence, and build a safe, reliable, accurate, Sybil attack prevention and self-maintaining decentralized oracle network ecology. So far, ADAMoracle wide-area nodes have spread all over the Middle East, Europe, America, Asia and other major regions. Furth more, ADAMoracle will work with thousands of nodes around the world to start a new era of Web3.0 distributed wide-area node oracles.
As is known, oracle is a bridge between the real world and the blockchain system, which can realize the intercommunication of data and information between the two worlds. Also, it is responsible for transmitting the data information off the chain to the chain. To a certain extent, this is not very advanced, but it is indeed a necessary function for the long-term development of blockchain technology and smart contracts, including DeFi, NFT, and even the expansion of metaverse applications.
The function of oracle also determines that ADAMoracle needs to take a “broad and deep” route. On one hand, ADAMoracle needs to build a very large oracle network, which can widely help various smart contracts and Dapps provide the off-chain data information they need. On the other hand, ADAMoracle needs to optimize the function to the extreme to ensure the efficiency, accuracy and safety of its data transmission service. As the basic service facility for the development of the blockchain industry, the function of oracle is not quite scalable, but it is aimed at a broad market that represents the future development direction and is worth over trillions of dollars. When a huge network of wide-area nodes connects the entire Web3.0 era, how many possibilities will occur?
Although the development direction of ADAMoracle and Opensea is not the same, it does not mean which route is better and has broader prospects. The road of future development continues to expand, and perhaps it is only the tip of the iceberg now. Facing the future and firming up the direction of our own development, maybe everyone will be the winner.