OpenSea CEO expresses confidence in NFT use cases, claims trading volumes have potential
Devin Finzer, the CEO of OpenSea, a once highly valued NFT marketplace worth $13 billion, is now showing strong support for NFTs as the platform explores new possibilities.
In an interview with Bloomberg, the CEO of OpenSea expressed the platform’s desire to create the most captivating use cases for non-fungible tokens (NFTs) as their trading volumes continue to decline. According to DappRadar data, OpenSea’s trading volumes currently amount to around $3.5 million, lagging behind competitors like Blur and OKX NFT, which have volumes of $20.8 million and $4.4 million, respectively.
Speaking about trading volumes, Finzer mentioned that the New York-based startup doesn’t focus too much on short-term marketplace dynamics. He added that trading volumes can sometimes be misleading, as OpenSea’s competitors incentivize activity through their tokens.
Despite the decline in trading volumes, OpenSea is actively exploring ways to reignite interest in the NFT market. Finzer revealed that the platform is currently working on a new version called “OpenSea 2.0,” which aims to provide users with a more personalized experience by customizing the interface for specific use cases. For example, ticket NFTs could be displayed on a calendar and sorted by date.
In addition to improving user experience, OpenSea is also prioritizing the strengthening of its security infrastructure. Finzer stated that the platform has enhanced its system to identify fake NFT collections and harmful URLs, thus protecting users from potential theft of their digital collectibles stored in their non-custodial wallets. However, the exact timeline for the public release of OpenSea’s new version has not been disclosed at this time.
Despite OpenSea’s efforts to protect users from scams, fraudulent activities persist within the space. Scammers often impersonate well-known brands that have entered the industry with promises to embrace the web3 trend. As previously reported, scammers are now targeting OpenSea’s users with a new phishing scheme that falsely claims to offer an exclusive mint event involving Nike and RTFKT, an American footwear company.
In conclusion, OpenSea, with its CEO Devin Finzer at the helm, is fully committed to the potential of NFTs. The platform is striving to create compelling use cases, improve user experience, and enhance security measures to protect users from scams. Despite challenges, OpenSea remains a prominent player in the NFT marketplace.
