By
Svetlana Soroka
April 28th, 2024
OpenSea NFT marketplace is currently developing a 2.0 upgrade to enable users to seamlessly track digital collectibles from different blockchains.
The mainstream adoption of Non-Fungible Tokens (NFTs) will significantly accelerate in the coming quarters fueled by improved infrastructure and heightened demand from institutional investors. Leading NFT marketplace OpenSea, with more than $20 billion in traded volume and over 80 million NFTs, has taken the initiative to ensure its future growth prospects by simplifying the adoption of digital collectibles.
Furthermore, more metaverse and gamify-oriented protocols that depend on the NFT industry have been emerging in the recent past. Additionally, NFTs have been incorporated in real-world use cases, especially to streamline global supply chains of different products.
OpenSea to Onboard Millions of NFT Users
Founded in 2017, OpenSea has grown to become an NFT powerhouse that brings together content creators and digital art collectors, with more than 2 million NFT collections. Backed by top web3 investors like Coinbase Ventures, Andreessen Horowitz, and Blockchain Capital among others, OpenSea is committed to helping more investors tap into the nascent web3 industry.
According to a report by Bloomberg, OpenSea is currently developing its 2.0 platform to incorporate more NFT details from different blockchains. Additionally, the OpenSea platform is working on displaying ticketing NFTs on the calendar, tracking the popularity of Solana NFTs, and the popular blockchain Ordinals.
According to OpenSea’s Chief Executive Officer (CEO) Devin Finzer, the upcoming network upgrades will enable NFT holders to clearly differentiate between various categories.
“We really want to have a marketplace interface that can be better customized to suit each type of use case,” Finzer noted.
Despite the notable rise of the Bitcoin Ordinals, Finzer highlighted that the flagship blockchain lacks the future growth potential for NFTs, especially due to its power-consuming consensus mechanism. Furthermore, Bitcoin’s core developers have described BTC ordinals as spam that are fast consuming the blockchain space and increasing transaction fees and thus need to be eradicated soon.
“I really do think that the sorts of applications that you can build on Bitcoin will probably be limited to art-type use cases as opposed to more diverse stuff,” Finzer added.
Market Picture
The rise of the NFT market in the past few years has inspired the birth of new web3 ideas and marketplaces. Already several NFT marketplaces are competing with OpenSea including Blur which is backed by Paradigm investment platform. The integration of NFTs in daily life activities has significantly increased with the ongoing web3 regulatory scrutiny around the world. Notably, the approval of several spot Bitcoin ETFs in the United States last week has increased investors’ confidence in the crypto longevity. Furthermore, the approval and listing of Ethereum spot ETFs is expected soon in the United States in the near future.