OpenSea, the non-fungible token (NFT) marketplace, is looking to regain the luster it once lost in the face of increasing competition. According to a BNNBloomberg reportOpenSea is now contemplating a mega-renovation through what the firm calls OpenSea2.0 in the first major news after a staff reduction in November last year.
OpenSea, the non-fungible token (NFT) marketplace, is looking to regain the luster it once lost in the face of increasing competition. According to a BNNBloomberg reportOpenSea is now contemplating a mega-renovation through what the firm calls OpenSea2.0 in the first major news after a staff reduction in November last year.
This move is essential as OpenSea’s market share has slowed considering the incentives accessible on alternative platforms that have made it less attractive to NFT collectors. In its new plans, OpenSea seeks to redefine the use cases of NFTs on its platforms. For now, the company lists all assets regardless of their origin and use cases in the same way, but plans to eventually change this.
OpenSea CEO Devin Finzer is unfazed by the numbers being shown, noting that the actual utility he plans to work on will be a game-changer in the long run.
“One of the things we’re most excited about is not necessarily how to generate the most volume, but rather how to create the most attractive use cases for NFTs,” he said in an interview, adding that he and his team “tend not to focus too much on short-term market dynamics.
The focus shifts to Solana
As part of the new growth plans, Finzer noted that the OpenSea team is closely following developments within the Solana ecosystems as well as Bitcoin Ordinals. These two chains are changing the perception of digital collectibles and OpenSea could expand their support in the long term.
However, Finzer weighed in on the competition with Ethereum as a digital collection hub, pointing out that neither Bitcoin nor Solana can replace Ethereum as the de facto NFT chain.
Ethereum still boasts of having some of the most exclusive top-of-the-line NFTs, such as Bored Ape Yacht Club and CryptoPunks. Overall, Ethereum has the most liquidity and the OpenSea CEO sees it as a platform that he will dominate in the coming years.
