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Are NFTs Dead? OpenSea CEO Weighs In

source-logo  beincrypto.com 28 May 2024 18:59, UTC

In an exclusive interview with BeInCrypto, Devin Finzer, co-founder and CEO of OpenSea, discussed the state of NFTs and the future of the digital marketplace.

Amid speculations about the decline of NFTs, Finzer provided a clear vision of continued growth and innovation.

The Rise of Gaming and Physically Backed NFTs

Finzer highlighted that NFTs are not dead. In fact, gaming and physically backed NFTs are areas of growing interest among market participants.

For this reason, OpenSea has partnered with Courtyard on projects involving Pokémon cards and with leading game developers like Parallel and Revolving Games.

“We see emerging use cases popping up on OpenSea all the time. Ensuring OpenSea is a home to all types of NFTs is crucially important to onboard the next wave of collectors,” Finzer told BeInCrypto.

OpenSea has also revamped its collection pages, offering creators richer, customizable pages to tell their project’s story. This adaptability extends across various types of NFTs, whether profile pictures, games, or physical items.

According to Finzer, the platform is committed to evolving with new utility trends, ensuring the marketplace remains one of the best places to buy, sell, and collect NFTs.

Read more: 7 Best NFT Marketplaces You Should Know in 2024

Total Number of NFT Sales. Source: IntoTheBlock

For now, OpenSea’s significant focus is enhancing the user experience in gaming. The company has introduced immersive game trailer videos and a new standard for redeemables, which enhance the core user experience. These features aim to deepen OpenSea’s verticalization for specific NFT areas.

“A good example of this is gaming where it’s important to have gameplay highlighted through video,” said Finzer.

The massive gaming industry is expected to drive the adoption of NFTs. As more gamers become first-time NFT owners, a frictionless onboarding experience becomes essential.

Finzer noted the importance of gamers experiencing the game before purchasing an NFT pass, which requires richer merchandising. He also highlighted the potential of interoperability, where items or statuses earned in one game could unlock experiences in another, facilitated by open digital ecosystem standards.

The Journey to One Million More NFT Users

The crypto market’s recent uptick has sparked innovation, with infrastructure improvements making NFT transactions more engaging and cost-effective. Finzer believes these developments are essential for onboarding the next wave of users.

“We believe these investments are an important foundation for onboarding the next million users,” he said.

For instance, OpenSea’s new cold start onboarding experience simplifies wallet creation and broadens the use of fiat payments. The only thing a user needs is an email to create an OpenSea account with a self-custodial wallet. This integration allows users to buy, sell, send, and receive digital assets and NFTs seamlessly, a crucial step for new entrants to the crypto ecosystem.

Finzer also expressed his admiration for Parallel, a leader in the Web3 gaming sector, highlighting their engaging and ambitious projects. He sees the expansion of utility-backed NFTs as vital for the industry’s growth.

“If our space is going to continue to grow and expand beyond the core community, we need to continue to see more collections coming to life with real-world utility,” he stated.

Read more: How To Create an NFT for Free Using Picsart

Despite the volatility of the NFT market, Finzer remains optimistic about its future. He wants to continue building out new features and opportunities to ensure a safe place at the forefront of the NFT sector.

“As new utility comes to life, we’ll evolve the marketplace to better merchandise and bring to life the utility behind an NFT,” he affirmed.

Finzer’s insights dispel the notion that NFTs are dead. Instead, these digital assets are evolving, with new use cases, improved infrastructure, and innovative features driving the space forward.