Technology

OpenSea redesigns parts of its NFT store as sales continue to decline

Written by Nuel

OpenSea, one of the largest NFT marketplaces, has redesigned its profile and collections pages to make the site easier to navigate and make the actual NFTs themselves the center of attention. In an announcement post on Thursday, the company says these redesigns are “just the start” of the company’s work to refine how its site works.

In my opinion, OpenSea’s refreshed profile pages look a bit like Twitter and Etsy’s. That’s not necessarily a bad thing, though. The old version could be a bit tricky to navigate at times, and it seems like the marketplace has smoothed out some of the edges.

The assortment page, which shows off gatherings of NFTs, has likewise gotten a final detail. It looks somewhat more current and puts less accentuation on measurements, similar to the number of individuals that own those NFTs and what the least expensive NFT in the assortment is.

While the upgrades may be great, they come at somewhat of an abnormal time. Over the last year, NFT deals have been declining, once in a while at a quick clasp. (In all honesty, OpenSea didn’t pick this chance to send off a completely new NFT commercial center like Coinbase did, with agonizing outcomes up to this point.) According to DappRadar, OpenSea’s typical selling value, number of brokers, and deals volume are down since last month — however, it still easily holds its spot as the most dynamic commercial center as far as dollars spent.

The NFT market overall has additionally proceeded with its decay, as indicated by information from NonFungible, however, the image appears to be unique relying upon how you cut it. If you’re seeing day-to-day midpoints, both the number and dollar measure of deals have been declining consistently (notwithstanding an enormous spike on May first when the organization behind the Bored Ape Yacht Club sent off a venture called Otherside). Seeing month-to-month midpoints, deals volume is still down, however, the dollar measure of deals has gotten back.

It seems unlikely that a redesign will revive the NFT market, but for those still sticking around (close to 124,000 people have used OpenSea in the past week, according to DappRadar), the experience should be a bit nicer.

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Nuel

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