NFTs
Are NFTs dead? OpenSea CEO shares exclusive insights
In an exclusive interview with BeInCrypto, Devin Finzer, co-founder and CEO of Open seadiscussed the state of NFTs and the future of the digital market.
Amid speculation about the decline of NFTs, Finzer provided a clear vision of continued growth and innovation.
The Rise of Physically Backed Gaming and NFTs
Finzer highlighted that NFTs are not dead. In fact, games and physically backed NFTs are areas of growing interest among market participants.
For this reason, Open sea has partnered with Courtyard on projects involving Pokémon cards and with leading game developers such as Parallel and Revolving Games.
“We see emerging use cases emerging in OpenSea all the time. Ensuring that OpenSea is home to all types of NFTs is of crucial importance to onboard the next wave of collectors,” Finzer told BeInCrypto.
OpenSea has also revamped its collection pages, offering creators richer, more customizable pages to tell the story of their projects. This adaptability extends various types of NFTswhether profile photos, games or physical items.
According to Finzer, the platform is committed to evolving with new utility trends, ensuring the market remains one of the best places to buy, sell and collect NFTs.
See more information: 7 Best NFT Marketplaces You Should Know About in 2024
Total number of NFT sales. Source: Inside the block
For now, OpenSea’s Significant Focus is improving user experience in games. The company introduced engaging game trailer videos and a new standard for redeemables, which enhance the core user experience. These features aim to deepen OpenSea’s verticalization into specific areas of NFT.
“A good example of this is games where it’s important to highlight gameplay through video,” Finzer said.
The massive gaming industry is expected to drive the adoption of NFTs. As more players become first-time NFT owners, a frictionless onboarding experience becomes essential.
Finzer noted the importance of players 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 another million NFT users
O recent crypto market surge it has driven innovation, with infrastructure improvements making NFT transactions more engaging and cost-effective. Finzer believes these developments are essential to onboarding the next wave of users.
“We believe these investments are an important foundation for onboarding the next million users,” he said.
For example, OpenSea’s new cold onboarding experience simplifies portfolio creation and expands 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 into the crypto ecosystem.
Finzer also expressed his admiration for Parallel, a leader in the Web3 gaming sector, highlighting its engaging and ambitious projects. He sees the expansion of utility-backed NFTs as vital to the industry’s growth.
“If we want our space to continue to grow and expand beyond the core community, we need to continue to see more collections come to life with real-world utility,” he said.
See more information: How to create an NFT for free using Picsart
despite the NFT market volatility, Finzer remains optimistic about his future. He wants to continue to develop new features and opportunities to ensure a secure place at the forefront of the NFT sector.
“As a new utility comes to life, we will evolve the market for better products and bring the utility behind an NFT to life,” he said.
Finzer’s insights dispel the notion that NFTs are dead. Instead, these digital assets are evolving, with new use cases, improved infrastructures and innovative features driving the space forward.
Disclaimer
Following the Confidence Project guidelines, this article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its team. Readers should independently verify information and consult a professional before making decisions based on this content. Please note that our Terms and conditions, Privacy PolicyIt is Disclaimers have been updated.