The more exciting long-term opportunity for Sea is its e-commerce platform Shopee, which has consistently been the most downloaded shopping app in Southeastern Asia. Shopee happens to be gaining steam in Brazil, as well. By targeting emerging markets with rapidly growing middle classes, Sea's online platform should deliver sustainably strong growth. For example, $12.6 billion in gross merchandise value (GMV) was purchased on its platform in first-quarter 2021, which is more GMV than the entirety of 2018.