Golden Finance reports that the NFT trading field is undergoing new changes and developments, and OpenSea’s moves in this regard have attracted much attention. Last month, the monthly active users of NFT trading platform OpenSea climbed to the highest level since mid-2023. According to Dune Analytics data, the platform had 467,322 users who made at least one transaction in May. This figure is comparable to the level from mid-2022 to early 2023. Entering June, the growth trend of the number of active users has not abated. As of now, it has reached 236,091 and is expected to be on par with or even exceed that of May.
Although user interest in OpenSea has significantly rebounded, the monthly trading volume of the NFT platform still lags far behind that of the NFT market boom in 2021 and early 2022. Last month, its trading volume was 81 million US dollars, while in January 2022, OpenSea had reached a monthly trading volume peak of over 5 billion US dollars. This shows the impact of changes in the market environment on its trading volume.
The sharp increase in the number of active users this time is largely attributed to the official launch of OS2 on May 29th and users’ eager anticipation for potential rewards. The OS2 beta version was initially only available to Gemesis NFT holders (a collection of 94,757 NFT items created by OpenSea in April 2023), during which time it focused on testing new features. Now that OS2 has been officially released, it marks that OpenSea has entered a brand-new stage. It supports token trading functions on 19 blockchains, achieving a strategic transformation from focusing on NFT trading to a broader crypto market. Devin Finzer, the co-founder and CEO of OpenSea, said that OS2 is “the foundation of the new generation of OpenSea”.
In terms of functional upgrades, OS2 has brought about numerous innovations. The updated core functions have greatly improved the search, ranking and discovery tools through new feature tags, exploration tags, etc. The trading of NFTS and tokens on the same platform has been realized, and users can exchange fungible tokens through the integrated liquidity aggregator. Multiple new blockchain supports have been added, and new chains will be continuously added in the future. Supports cross-chain purchase, allowing users to buy NFTS and tokens on multiple blockchains without manual exchange or bridging. Aggregate the market list to help users obtain the most favorable prices; Provide real-time data and analysis, including color-coded rarity, real-time updates and in-depth statistical information; Optimize the user experience, such as redesigning the homepage, accelerating the navigation speed, adding a wallet sidebar and real-time notifications, etc. Launch the Rewards (XP) program to motivate platform users.
OpenSea has also simultaneously launched a new reward system called “Voyages”. Users can earn XP points by completing basic operations such as on-chain transactions, creating personal galleries, and conducting cross-chain token transactions on the platform. These points can be used in the future to exchange for the upcoming native token of OpenSea – SEA. Adam Hollander, the Chief Marketing Officer of OpenSea, disclosed that SEA will distribute through the Token Generation Event (TGE) after completing the series of product updates, but the specific schedule has not been announced yet.
With the official launch of OS2 and the introduction of user incentive mechanisms, OpenSea’s competitiveness in the NFT trading market is expected to be further enhanced. In the future, the trend of its user base and trading volume, as well as the impact of the launch of the SEA token on the market, will all become the focus of industry attention. In the current evolving NFT market, OpenSea’s series of actions may inject new vitality into the industry’s development and drive the market towards a new stage of growth.
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