Despite the significant decline in NFT sales volume, OpenSea remains committed to enhancing user experience.
Key Takeaway
OpenSea remains dedicated to enhancing user experience and expanding the potential of NFTs, despite the significant decline in NFT sales volume.
The NFT Market’s Decline
On January 1, 2022, the global NFT sales volume reached a peak of $23.73 billion. However, by the first day of 2024, it had plummeted by 94% to a mere $1.4 billion.
OpenSea’s Approach
Devin Finzer, the CEO of OpenSea, has emphasized the company’s focus on improving its core products and user engagement, rather than solely fixating on the decline in sales volume. He believes that these efforts will ultimately lead to higher volumes.
Finzer also highlighted the potential for NFTs beyond the early use cases, such as profile pictures and digital art. He mentioned that there is still significant untapped potential, particularly in categories like gaming.
OpenSea’s Journey
Established in 2017, OpenSea rapidly gained prominence as one of the most renowned and well-funded NFT marketplaces globally. With over $400 million in total funding, the platform has garnered support from prominent VC firms like Andreessen Horowitz and Paradigm, as well as notable figures including Kevin Durant and Ashton Kutcher.
