Devin Finzer, the CEO of OpenSea, a once highly valued NFT marketplace worth $13 billion, is now doubling down on NFTs as the platform explores fresh opportunities.
In a recent conversation with Bloomberg, the head of OpenSea expressed a desire to create the most engaging applications for non-fungible tokens (NFTs) as the platform faces a decline in trading activity. According to data from DappRadar, OpenSea’s trading volumes have dropped to approximately $3.5 million, trailing behind competitors like Blur and OKX NFT, with volumes of $20.8 million and $4.4 million respectively.
Regarding trading volumes, Finzer mentioned that the New York-based startup prefers not to dwell too much on short-term marketplace fluctuations, noting that trading volumes can sometimes be misleading, especially when competitors incentivize activity with their own tokens.
Amidst the decrease in trading volume, OpenSea seems to be exploring ways to reignite interest in the NFT market. Finzer revealed that the platform is currently developing a new version called “OpenSea 2.0,” which aims to offer a more personalized user experience by tailoring the interface to specific use cases, such as displaying ticket NFTs on a calendar and sorting them by date.
In addition to enhancing user experience, OpenSea is also ramping up its security measures. Finzer highlighted that the platform has enhanced its systems to detect counterfeit NFT collections and malicious URLs, safeguarding users from potential theft of digital collectibles stored in their non-custodial wallets. However, the exact timeline for the public release of OpenSea’s new version remains undisclosed at this time.
Despite OpenSea’s efforts to protect users from fraudulent activities, scams continue to evolve within the space, often masquerading as well-known brands that have embraced the web3 trend. Recently, scammers have targeted OpenSea users with a new phishing scheme, promising an exclusive mint event involving popular brands like Nike and RTFKT.
As OpenSea navigates through these challenges, the platform remains committed to providing a secure and engaging environment for NFT enthusiasts. Stay tuned for more updates on OpenSea’s latest developments.