OpenSea NFT Marketplace 2.0 Move: Support Will Come for That Altcoin Too!

OpenSea, which was previously the strongest player in the NFT market, is working on a comprehensive market upgrade called 2.0. This upgrade is set to address key issues in the NFT ecosystem and improve the user experience, signaling a shift from the platform's focus on previous collectible images.

As reported by CryptoSlam, the NFT market has had a turbulent year in 2023, with global sales falling by 63% to $8.7 billion despite trading volume rising to $918 million between October and November. This decline is in stark contrast to the exploding NFT sell-off that characterized the crypto bull market in 2021, when multi-million dollar transactions were not uncommon.

OpenSea CEO Devin Finzer acknowledges the challenges but thinks there needs to be a broader perspective when assessing the success of the NFT industry In an interview with Bloomberg, he said: "One of the things we're most excited about is how you're going to create the most compelling use cases for NFTs, rather than how you're going to get the most volume."

The company, which had a top valuation of $13 billion after a $300 million funding round in January 2022, was unable to sustain this performance during the harsh crypto winter. In addition to the indictment and arrest of the company's product manager for allegedly leaking insider information, problems with royalties paid for NFT creators have made things worse for the company.

penSea responded by reducing its headcount by 50% in November, resulting in increased trading volume to new contributors such as Blur, OKX NFT Marketplace, and Magic Eden.

Among the notable features of OpenSea 2.0 is the integration of ticketing NFTs on the calendar to ensure that users can follow events seamlessly. Furthermore, the platform will focus on tracking the popularity of Solana NFTs and will introduce a feature called "Ordinals." Despite these innovations, Finzer remains optimistic that Ethereum and Layer 2 solutions will become the blockchains of choice for NFTs.

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