Article source: Foresight News

Translated & Written by: Karen, Foresight News

Last week, I published an article titled (Points? Airdrop? NFT Launchpad? OpenSea 2.0 sparks many market speculations), and just last weekend, NFT trader john.weth, as an early tester of the OpenSea 2.0 version, revealed many details of this version. So, what highlights does OpenSea 2.0 have?

What are the highlights of OpenSea 2.0?

1. A brand new user interface: It includes a list of NFT collections ranked by the previous day's transaction volume and floor price increase, as well as popular trend collections, making it clear for users.

2. Optimized Profile page: This page displays users' held assets, asset values, and trading activities more intuitively, providing a more convenient asset management experience.

3. From the Leaderboard page, it can be seen that OpenSea will distribute XP retroactive rewards to users and will also hold the first season XP event, with ways to earn including listing NFTs and bidding (offers) for top NFT collections. The total XP rewards are also related to loyalty and BOOST, where only listing NFTs on OpenSea can maximize users' loyalty, while the BOOST multiplier is related to ranking.

Additionally, the points of the Top Bidder will also see a significant increase, with the specific rules as follows:

  • Ranked 100-51: Points increase by 1.2 times

  • Ranked 50-26: 1.5 times

  • Ranked 25-11: 2 times

  • Top 10: 2.5 times

4. The OpenSea page clearly states that XP is far more than just a number; as users collect more, its true value will become increasingly apparent. At the same time, OpenSea has the right to deduct and reset the XP rewards of users who harm the interests of other users or provide false liquidity to ensure the fairness and healthy development of the platform.

OpenSea faces multidimensional challenges

Regarding the heated discussion on whether OpenSea is copying Blur, OpenSea co-founder and CEO Devin Finzer clearly expressed a negative attitude. He emphasized that the goal of OpenSea 2.0 is to become the NFT home for everyone, whether they are collectors, professional traders, or users in between. In addition, OpenSea 2.0 will continuously introduce more innovative features to meet the growing needs of users.

In the past year and a half, the NFT market has always been shrouded in a shadow of sluggishness, bringing heavy pressure to every participant in the industry. OpenSea has been strongly impacted by the newcomer Blur, with its market share significantly shrinking. Last week, the NFT transaction volume accounted for 26.4%, while Blur reached 53.6%. In stark contrast, OpenSea once monopolized 98% of the market share at its peak.

Now, whether OpenSea can successfully turn the situation around and regain market leadership with the newly launched OpenSea 2.0 platform and point reward strategy, and once again ignite the NFT field craze, is undoubtedly a task that is both daunting and full of challenges.

The challenges facing OpenSea are multidimensional. On one hand, it needs to compete with Blur for market share and user resources. On the other hand, OpenSea needs to find an effective way to reignite consumer interest in NFTs. Amid the current downturn in the NFT market, users' enthusiasm for NFTs has clearly cooled. How to rekindle the NFT craze is not only a question that OpenSea needs to think deeply about, but also a severe test that the entire NFT industry faces together.