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

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Devin Finzer, the CEO of OpenSea, a as soon as $13 billion valued NFT market, is now going lengthy on NFTs because the platform is exploring new use circumstances.

In an interview with Bloomberg, the OpenSea CEO mentioned the platform desires to construct probably the most compelling use circumstances for non-fungible tokens (NFTs) as its buying and selling volumes hold falling. DappRadar data reveals that OpenSea’s buying and selling volumes at the moment stand at roughly $3.5 million, trailing behind opponents like Blur and OKX NFT, which have volumes of $20.8 million and $4.4 million, respectively.

OpenSea CEO bets on use cases for NFTs, says trading volumes can be 'misleading' - 1
Buying and selling volumes amongst NFT marketplaces | Supply: DappRadar

Talking of buying and selling volumes, Finzer mentioned the New York-headquartered startup tends to not focus “an excessive amount of on sort of the short-term, market dynamics,” including that “buying and selling volumes could be a little bit deceptive at occasions” as OpenSea’s opponents incentivize exercise with their tokens.

Amid the falling buying and selling quantity development, OpenSea seems to be exploring avenues to reignite curiosity within the NFT market. Finzer disclosed that the platform is at the moment engaged on a brand new model dubbed “OpenSea 2.0,” designed to supply a extra tailor-made consumer expertise by customizing the interface for particular use circumstances (e.g. displaying ticket NFTs on a calendar and sorting them by date).

“We actually wish to have a market interface that may be higher custom-made to swimsuit every sort of use case.”

Devin Finzer

Past enhancing consumer expertise, OpenSea can be specializing in bolstering its safety infrastructure. Finzer mentioned the platform has improved its system to determine pretend NFT collections and dangerous URLs, defending customers from potential theft of digital collectibles saved of their non-custodial wallets. Nonetheless, as of press time, the precise timeline for the general public launch of OpenSea’s new model stays undisclosed.

Regardless of OpenSea’s efforts to safeguard customers from con artists, scams persistently adapt throughout the house, usually impersonating large manufacturers that entered the business with the promise to embrace the web3 development. As crypto.information reported earlier, scammers are actually concentrating on OpenSea’s customers with a brand new phishing scheme, promising an unique mint occasion involving the American footwear firm Nike and RTFKT.

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