15/01/2024 OpenSea Wants NFTs to Evolve as Market Plunges 63%

Last year was not a good one for non-fungible tokens (NFTs).

Sales for the blockchain-based digital assetsfell 63%to $8.7 billion in 2023, even with volume tripling between October and November, Bloomberg News reported Sunday (Jan. 14), citing data from CryptoSlam.

McDonald’s Collaboration Sparks Doodles NFT Floor Price Surge
NBA legend Shaquille O’Neal signs $11M Astrals NFT settlement
Next-Gen Game Developer Mythical Raises $75M for Playable NFTs

As that report notes, NFTs were adefining featureof the crypto bull market in 2021, deemed the more accessible way for everyday consumers to access the digital currency market.

They were even something of a status symbol: anyone willing to spend the money could buy an NFT and make it their profile picture on Twitter. These days, Bloomberg says, X — as Twitter is now called — no longer supports NFT profile pics.

Devin Finzer, CEO of NFT marketplaceOpenSea, told Bloomberg that the industry thinks of NFTs as more than just collectibles, and said he defines industry — and company — success as more than just sales figures.

“One of the things we’ve been most excited about is not necessarily how do you drive the most volume, but rather, how do you build sort of the most compelling use cases for NFTs,” he said.

Finzer said his company is at work on “OpenSea 2.0,” an upgraded platform he said will provide a better user experience and greater differentiation between NFT categories as more uses for the tokens develop.

At the moment, he added, NFTs are displayed the same on OpenSea and other platforms, no matter if they’re a gaming token or an event ticket.

“We really want to have a marketplace interface that can be better customized to suit each type of use case,” he said, adding that OpenSea is at work on displaying ticket NFTs on a calendar and sorting them by date.

The report also notes that while NFT sales were dropping, theprice of bitcoin— the most popular cryptocurrency — jumped 160% in 2023.

However, last year crypto startups struggled to raise funds amid a regulatory crackdown and two high-profile criminal cases.

Venture capital investment in the crypto industry dropped tojust $9.5 billionduring the year, less than a third of the prior year’s total.

The sector’s troubles were especially pronounced during the fourth quarter, when FTX co-founder Sam Bankman-Fried was convicted ofmultiple fraud charges, and Binance CEO Changpeng “CZ” Zhao entered a guilty plea to violating anti-money laundering requirements.

Arts

https://www.pymnts.com/nfts/2024/opensea-wants-nfts-to-evolve-as-market-plunges-63/

Interesting NFTs
Nirvana No.1
Nirvana No.1 Auction Ends with Lucky 07-07-2021 Good Luck
CryptoKitties
Sup playa! I'm Kitty #409757. I believe that one day cats will rule this planet. In my free time, I can usually be found prickly or watching reality tv. I think you'll love me beclaws I have cattitude.
Like a Human 1 #3/3
Creative Challenge - 0xCert Collaboration
The Scion
A young figure caught in a moment of distraction, aware only ephemerally of his unconscious being, as it engages in psychological and psychedelic layer spaces. His right arm casually cradles a moray eel; the figure is comfortable but not truly aware of the potentials for danger in such negligence. His shirt reads “Bello” in Pokemon style font, harkening back to a childhood straddling the millennial threshold. To his right side, out of the unconscious deep, shrouded alien heads propagate as a fractal totem, each new iteration a more sophisticated rendering of emotional masking over the cold mystery of the greys. As the scion of the Budgie-Sattva, the young man, in his distraction, is also simultaneously aware of higher levels of self discovery. To his left a psychological topology sets beneath the oracle side of an 8 ball ,hovering; its message a purest concept of acceptance. The “Scion” lettering is in 80’s HeMan style bold declaration. The lower right side of the painting is like a hybrid of melon, feathers, and seeds. The crystals in the background bring light; conducted, refracted, reflected, and dispersed, to balance the dark shadow of the figure’s physical body. The aura of the scion succeeds in layers to point, with a finger, and the crown chakra, toward a center of a mandala existing as nigh pure application of strokes, in essence painterly abstraction, but also revealing hints of the Aura of migraine, and the bi-hemispherical nature of the brain–noting concerns of the possibility of inherited mental disease. Yet the flourish of chakra as it sets against that center is robust, active, coherent, and reveling against all fear. Fundamentally, the piece speaks to the activation of one’s potential to begin to “Know Thyself”, and find greater awareness out of the enigmas of the mind–as an inculcated seed given to the rich soil of one’s own birthright.
Her Mind Had Gone Out For A Stroll & Fallen Down The Rabbit Hole
Her Mind Had Gone Out For A Stroll & Fallen Down The Rabbit Hole' is the first programmable piece of art by Kitty Bast. The owner constructs, modifies & tattoos their very own Doll Lady... Is she falling down a rabbit hole, lost in a sea of cats or gazing into the unknown void? Do you like Pink Ladies or Lilac Ladies? Or do you pick the Wild Card? There's always a wild side to an innocent doll face. Is she obsessed with crypto ponies or crypto kitties? Or does she have an insatiable desire for Mr. Honey Badger. Come inside and have a nice cup of NFTea with the bunnies. Is your lady chained to the blockhain? Does your lady shed Bitcoin tears or ETH tears? Does your doll face don a Rotten Heart? Do you HODL to the Moon to meet the ETH Kitty? Do you have an obsession for cyborgs or Puddin'? Would you like a slice of Death by Pink? Is The Cat's Eye green or golden? Little trolls with mini daggers not included. The cheshire cat might trade you his ears for your goggles. Modifications of the Host. How long is forever? Sometimes, just one second.