OpenSea CEO Devin Finzer Explores New Use Cases for NFTs
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.
OpenSea’s Trading Volumes Fall Behind Competitors; CEO Responds
Speaking 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).
OpenSea’s “OpenSea 2.0” Aims to Tailor User Experience for NFTs
“We really want to have a marketplace interface that can be better customized to suit each type of use case,” said Devin Finzer. Beyond enhancing user experience, OpenSea is also focusing on bolstering its security infrastructure. Finzer said the platform has improved its system 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.
OpenSea Focuses on Strengthening Security in NFT Marketplace
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.
Scammers Target OpenSea Users with Phishing Scheme involving Nike and RTFKT
In conclusion, OpenSea’s CEO Devin Finzer is seeking new use cases for NFTs to counter the falling trading volumes. The platform is developing OpenSea 2.0, aimed at providing a customized user experience for different types of use cases. Alongside improving user experience, OpenSea is also focusing on enhancing security measures to protect users from fake NFT collections and harmful URLs. However, scammers continue to adapt and target OpenSea’s users with fraudulent schemes. OpenSea remains dedicated to navigating these challenges in the fast-evolving NFT marketplace.
Analyst comment
Positive news: OpenSea CEO Devin Finzer is exploring new use cases for NFTs and developing OpenSea 2.0 to enhance user experience. The platform is also strengthening security to protect users from fraud. However, scammers persistently target OpenSea’s users. Market prediction: OpenSea’s market may see improvements in trading volumes and user engagement with the introduction of new use cases and enhanced user experience. The focus on security measures may further instill trust in the platform. However, the presence of scammers poses a challenge that OpenSea needs to address.
