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

0

OpenSea, one of the largest NFT marketplaces, has redesigned its profile and collections pages in an effort to make the site easier to navigate and put the NFTs themselves at the center of attention. In an announcement on Thursday, the company said these redesigns are “just the beginning” of the company’s work to fine-tune how its site works.

In my opinion, OpenSea’s refreshed profile pages look a bit like those of Twitter and Etsy. That’s not necessarily a bad thing, however. The older version could be a little difficult to navigate at times, and it looks like the market has ironed out some of the edges.

The collection page, which features groups of NFTs, has also been revamped. It looks a bit more modern and puts less emphasis on metrics, like how many people own these NFTs and which is the cheapest NFT in the collection.

The new collection page, which I think does a better job of showing the NFTs themselves.
Picture: Open Sea

An example of the old collections page, with its expanded description.

While the redesigns can be nice, they come at a bit of an awkward time. Over the past year, NFT sales have declined, sometimes at a fairly rapid rate. (To be fair, at least OpenSea hasn’t chosen this time to launch an entirely new NFT marketplace like Coinbase has, with painful results so far.) According to DappRadar, OpenSea’s average selling price , the number of merchants and the volume of sales are all down since last month – although it comfortably retains its most active marketplace in terms of dollars spent.


OpenSea is still the biggest market by most metrics.
Table: DappRadar

The NFT market as a whole also continued to decline, according to data from Not fungible, although the image will look different depending on how you cut it. If you look at the daily averages, the number and dollar amount of sales has declined throughout the year (despite a massive spike on May 1 when the company behind the Bored Ape Yacht Club launched a project called Other side). Looking at the monthly averages, the sales volume is still down, but the dollar sales amount has picked up.


The past year of sales volume in numbers (orange) and dollars (white), based on daily averages.
Chart: NonFungible.com


The USD sales story is a bit better if you look at the monthly averages.
Chart: NonFungible.com

It seems unlikely that a redesign will revive the NFT market, but for those who remain (nearly 124,000 people used OpenSea last week, according to DappRadar), the experience should be a little more pleasant.

Disclaimer! Verve Times is an automatic aggregator of all media in the world. In each content, the hyperlink to the main source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the content owner and do not want us to publish your materials, please contact us by email – [email protected]. Content will be deleted within 24 hours.

Share.

Comments are closed.