OpenSea, which was the leading NFT marketplace during the 2021-2022 bull market, is now transitioning to a new “OpenSea 2.0” launch with a much smaller team. Layoffs last fall. And we are beginning to understand what that will look like as once-dominant markets consider their evolution and next steps.
Tuesday, OpenSea Support Announcement For ERC721-C Ethereum An NFT token standard developed by video game startup Limit Break that allows project creators to enforce royalty payments on secondary market transactions.
This is OpenSea’s latest move to adapt to changing tides. NFT Royalty enforcement over the past year and a halfThat’s because competing marketplaces have eschewed creator fees that were once the standard.
The mayor says that will happen by the end of 2022. continue to charge royalties Following backlash from creators, we have launched protocols to protect royalties for new collections. However, OpenSea ultimately Out of operator filter protocol. Support stopped at the end of February. ERC721-C represents another exercise on the royalty issue.
We are excited to announce that ERC721-C is now available to creators. @limitbreak Set up and enforce your own creator earnings on OpenSea.
What is ERC721-C? ERC721-C is a standard that allows creators to implement programmable and enforceable creator returns on-chain. also… pic.twitter.com/iGAuGsjNid
— Opensea (@opensea) April 2, 2024
ERC721-C support was enabled with the recent release of OpenSea’s Seaport 1.6 protocol update, said CEO and co-founder Devin Finzer. decryptionany Before an NFT is traded, the creator can set conditions. In this case, we respect royalties.
“In general, we’ve been interested in new ways to support creator revenue,” Finzer said. “Seaport 1.6 was made possible by Dencun’s Ethereum upgrade, allowing us to implement this feature in a unique way.”
OpenSea laid off about half of its staff in November following dramatic changes to the NFT marketplace earlier this year. Upstart rival Blur has overtaken OpenSea. This is thanks to providing incentives for transactions through its own token. An OpenSea representative could not confirm the size of the company’s team by the time of publication.
Finzer said the slim company plans to combine the OpenSea and OpenSea Pro platforms into a single interface, develop a “really simple and seamless onboarding experience for users” and deploy custom interfaces for categories such as NFT market experience. He said he was reimagining it. Games and Ticketing.
“We are doing a major overhaul of our products,” Finzer said. “So this represents a real visual refresh of the product and a refresh of the infrastructure.”
This change comes at a time when OpenSea’s market share has declined by single-digit percentages, with its last cross-chain volume share being less than 3%, per data. TEXO—Less than 7% in the past 30 days. that much Latest Reigning Champion Magic Eden has launched a rewards program in parallel with its upcoming “NFT” token airdrop.
OpenSea has long rejected the idea of launching its own token, as competitors such as Blur and LooksRare have done in the past. This has been the hottest question in the market for years. Especially as competitors have gained momentum by introducing their own tokens or rewards programs tied to upcoming token drops.
When asked whether he thought such token incentives were sustainable, Finzer did not comment on whether the market would consider creating and deleting its own ecosystem tokens. However, he acknowledged that token incentives are “really interesting” and could be an effective way to adapt to protocols that users often use.
“The idea of having users engaged, incentivized, and aligned with applications across cryptocurrencies in general is really exciting,” Finzer said. decryption. “And that’s what we’ve seen all over the cryptocurrency industry. Actually from the very beginning. Bitcoin And the thing about Ethereum is that there is more participation. The point is that there is more skin in the game when it comes to using cryptocurrency products.”
“We think we’re seeing this trend more and more across cryptocurrencies, and it’s really exciting to see.” He added: “But no, you have nothing to share on that front with us.”
Finzer provided a similar response regarding whether OpenSea plans to support it. bitcoin ordinalNFT-like protocol that helped Magic Eden spread legs than all other rivals in recent weeks. However, while he is intrigued by the way Ordinals has captured the attention of Bitcoiners, he said he is also fascinated by recent developments in the Ethereum ecosystem.
“There are no announcements on that front yet,” Finzer said of the Bitcoin asset. “But I definitely think the Ordinals ecosystem is pretty interesting. I actually got involved in the Bitcoin community.”
However, Bitcoin Ordinals transactions tend to be higher in value, and Finzer said there are lower-cost transactions over the Ethereum layer 2 network, such as: Base Currently, OpenSea has a bigger focus.
with Layer 2 fees fall sharply Following the Dencun upgrade, they are seeing significant demand for Base and expect network expansion to better support use cases such as gaming. Making it easier to move and trade funds across the network is still a work in progress at Layer 2, but he added that the emergence of Layer 2 is a key step in popularizing NFTs.
“Gas prices should go down, right? And what’s interesting is that those numbers have now decreased dramatically. It’s just tying things together to create a really good user experience for today’s users,” he said. “Our vision was to dramatically reduce costs and scale blockchain to support all kinds of use cases.”
Edited by Ryan Ozawa.
