•OpenSea, one of the prominent NFT marketplaces. Currently developing an upgrade to the platform known as OpenSea 2.0. According to Devin Finzer, CEO. This upgrade aims to enhance the user experience and better differentiate NFT categories as their use cases continue to evolve. Currently, OpenSea and other platforms offer NFTs uniformly. Regardless of whether they are game tokens or event tickets.
•“We really want to have a marketplace interface that can be better customized to fit every type of use case,” Finzer said.
•What are the upcoming upgrades to the OpenSea 2.0 platform? As part of the upgrade, OpenSea is displaying ticket NFTs in a calendar and sorting them by date. Providing a more personalized experience.
•In response to the growing popularity of platforms like Blur and Tensor. Offering professional trading experiences, the OpenSea upgrade aims to make it easier for users to access its professional trading platform. The improved interface will allow users to seamlessly switch between collage view and a more advanced view. Additionally, OpenSea has improved its detection of fake NFT collections and malicious URLs. Which addresses security concerns prevalent in the industry.
•While Finzer did not comment on ending the royalties required for NFT creators. However, he did not reveal whether OpenSea plans to reintroduce the mandatory royalties program in the future.
•Regarding emerging trends. Finzer pointed to the growing use of the Solana blockchain for NFTs and the growing popularity of Ordinals assets. Similar to NFT on the Bitcoin blockchain. Despite these trends. He remains optimistic about Ethereum being the blockchain of choice for NFTs. Especially with the improvements in transaction cost and speed facilitated by layer 2 chains.
•Finzer doesn't see Bitcoin, even with the recent ETF craze. It is a major NFT option moving forward. “I really think that the types of applications you can build on Bitcoin will probably be limited to technical-type use cases rather than more diverse things,” he commented.
•Navigating the challenging NFT market has seen global sales of non-fungible tokens (NFTs). Which represents unique ownership of assets on the blockchain, fell a whopping 63% to $8.7 billion in the past year, according to data from CryptoSlam. This decrease comes despite a noticeable increase in volume. It reached $918 million between October and November. In contrast, Bitcoin has seen the market leading the way in cryptocurrencies. A significant rise of almost 160% in 2023.
•The decline represents a marked contrast to the cryptocurrency bull market in 2021 when multi-million dollar NFT sales played a crucial role. Non-fungible tokens (NFTs) were initially celebrated. Made popular by groups like Bored Ape Yacht Club, as a fun and accessible way for everyday consumers to engage with cryptocurrencies. They also serve as a status symbol for those who invest large sums in unique digital assets. However, social media platform X (formerly Twitter) recently stopped supporting NFT profile pictures.
•Confirms Devin Finzer, CEO of NFT marketplace OpenSea. On a broader perspective on defining success for the NFT industry and his company. It highlights the need to move beyond simply viewing NFTs as collectible images and focus on building compelling use cases for these tokens.
•New York-based OpenSea was a dominant NFT market during the cryptocurrency bull market, reaching $13 billion in value following a $300 million funding round in January 2022. However, the onset of the recent crypto winter negatively impacted the startup.
•In August, OpenSea faced challenges, including the conviction of its former product head for insider trading and criticism over the elimination of mandatory royalties for NFT creators. In response, the company laid off 50% of its employees in November. New entrants like Blur, OKX NFT Marketplace, and Magic Eden have shown higher trading volumes than OpenSea over the past 30 days. According to cryptocurrency data tracker DappRadar.
•When asked about this changing trend. Finzer emphasized that trading volumes can be misleading because some markets incentivize activity by using their tokens as rewards. “We tend not to focus too much on kind of short-term market dynamics,” he said.
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