The OpenSea nft marketplace is currently developing a 2.0 update to allow users to seamlessly track digital collectibles from different blockchains.
Widespread adoption of non-fungible tokens (NFTs) will accelerate significantly in the coming quarters driven by improving infrastructure and increased demand from institutional investors. OpenSea, the leading nft marketplace, with over $20 billion in traded volume and over 80 million NFTs, has taken the initiative to secure its future growth prospects by simplifying the adoption of digital collectibles.
Additionally, more metaverse- and gamification-oriented protocols that rely on the nft industry have emerged in the recent past. Furthermore, NFTs have been incorporated into real-world use cases, especially to optimize global supply chains of different products.
OpenSea to add millions of nft users
Founded in 2017, OpenSea has grown to become an nft powerhouse bringing together content creators and digital art collectors, with over 2 million nft collections. Backed by leading web3 investors such as Coinbase Ventures, Andreessen Horowitz, and Blockchain Capital, among others, OpenSea is committed to helping more investors take advantage of the nascent web3 industry.
According to a Bloomberg report, OpenSea is currently developing its 2.0 platform to incorporate more nft details from different blockchains. Additionally, the OpenSea platform is working to display ticketing NFTs on the calendar, tracking the popularity of Solana NFTs and the popular Ordinals blockchain.
According to OpenSea Chief Executive Officer (CEO) Devin Finzer, upcoming updates to the network will allow nft holders to clearly differentiate between various categories.
“We really want to have a marketplace interface that can be better customized to fit each type of use case,” Finzer nft-marketplace-opensea-is-touting-differentiation-after-pull-back” target=”_blank” rel=”nofollow noopener”>noted.
Despite the notable rise of bitcoin Ordinals, Finzer highlighted that the flagship blockchain lacks the future growth potential of NFTs, especially due to its energy-consuming consensus mechanism. Furthermore, leading bitcoin developers have described btc ordinals as spam that are rapidly consuming blockchain space and increasing transaction fees and therefore must be eradicated soon.
“I really think that the type of applications that can be built on bitcoin will probably be limited to artistic type use cases rather than more diverse things,” Finzer added.
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The rise of the nft market in recent years has inspired the birth of new ideas and web markets3. Several nft marketplaces are already competing with OpenSea, including Blur, which is backed by investment platform Paradigm. The integration of NFTs into daily life activities has increased significantly with ongoing regulatory scrutiny of web3 around the world. In particular, the approval of several spot bitcoin ETFs in the United States last week has increased investor confidence in the longevity of cryptocurrencies. Additionally, the approval and listing of ethereum spot ETFs in the United States is expected in the near future.
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