OpenSea CEO bets on use cases for NFTs, says trading volumes can be 'misleading'

2024-01-15 00:38:00

Devin Finzer, the CEO of OpenSea, a once $13 billion valued NFT marketplace, is now going long on NFTs as the platform is exploring new use cases.

In an interview with Bloomberg, the OpenSea CEO said the platform wants to build the most compelling use cases for non-fungible tokens (NFTs) as its trading volumes keep falling. DappRadar data reveals that OpenSea’s trading volumes currently stand at approximately $3.5 million, trailing behind competitors like Blur and OKX NFT, which have volumes of $20.8 million and $4.4 million, respectively.

Trading volumes among NFT marketplaces | Source: DappRadarSpeaking of trading volumes, Finzer said the New York-headquartered startup tends to not focus “too much on kind of the short-term, marketplace dynamics,” adding that “trading volumes can be a little bit misleading at times” as OpenSea’s competitors incentivize activity with their tokens.

Amid the falling trading volume trend, OpenSea appears to be exploring avenues to reignite interest in the NFT market. Finzer disclosed that the platform is currently working on a new version dubbed “OpenSea 2.0,” designed to provide a more tailored user experience by customizing the interface for specific use cases (e.g. displaying ticket NFTs on a calendar and sorting them by date).

“We really want to have a marketplace interface that can be better customized to suit each type of use case.”

Devin Finzer

Beyond enhancing user experience, OpenSea is also focusing on bolstering its security infrastructure. Finzer said the platform has improved its to identify fake NFT collections and harmful URLs, protecting users from potential theft of digital collectibles stored in their non-custodial wallets. However, as of press time, the exact timeline for the public release of OpenSea’s new version remains undisclosed.

Despite OpenSea’s efforts to safeguard users from con artists, scams persistently adapt within the space, often impersonating big brands that entered the industry with the promise to embrace the web3 trend. As crypto.news reported earlier, scammers are now targeting OpenSea’s users with a new phishing scheme, promising an exclusive mint event involving the American footwear company Nike and RTFKT.

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