OpenSea CEO announces upgrade of the trading platform interface

Categorization of tokens by type of use will become available on the marketplace

15.01.2024 - 11:23

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3 min

What’s new? The team at non-fungible token (NFT) marketplace OpenSea is working on a platform upgrade that will improve the user experience and differentiation between NFT categories as new token use cases develop. As OpenSea CEO Devin Finzer explained in an interview with Bloomberg, NFTs are currently displayed the same across all platforms, whether they represent gaming tokens or event tickets.

Bloomberg’s material

What else is known? According to Finzer, the OpenSea 2.0 interface will introduce token categories by usage type, as well as offer calendar and event sorting by date for NFT tickets. In addition, the company has already improved its mechanisms for detecting fake collections and malicious URLs, interaction with which leads to the theft of tokens from wallets.

Finzer noted the growing trend in the use of NFTs based on Solana and Bitcoin blockchains, but said that Ethereum is still the most preferred option in this segment, as Layer 2 (L2) solutions based on it have made transactions much faster and cheaper. The top executive clarified that the bitcoin blockchain will not be able to offer any NFT use cases beyond the creation of art collectibles.

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At the same time, Finzer declined to comment on the decision criticized by the community to stop mandatory royalty payments to NFT creators and did not specify whether OpenSea plans to restore them in the future.

The previously market-leading company shut down its mandatory royalty collection tool Operator Filter on August 31 last year and laid off 50% of its employees in November.

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According to DappRadar, OpenSea ranks only fourth in terms of trading volume over the past 30 days with an indicator of $111,1 million, behind Blur, OKX NFT Marketplace, and Magic Eden.

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