Is the NFT hype over? OpenSea CEO shares his vision

Non-Fungible Tokens (NFTs) emerged very quickly in 2021 and created a huge hype. Now sales figures have plateaued, trading volumes are declining and prices have plummeted extremely. Will this hype ever come back? OpenSea CEO Devin Finzer shares his vision on the future of the NFT market in an interview.

While the market does not seem fantastic at the moment, Finzer sees opportunities for the future. However, he is the CEO of the largest NFT marketplace in the world, so we should take his opinion with a grain of salt.

Gaming and physical NFTs on the rise

Finzer believes NFTs are alive and well. In fact, NFTs with gaming applications and NFTs linked to physical objects are actually gaining popularity, he claims. OpenSea is responding intelligently to this by collaborating with Courtyard on projects involving Pokémon cards and with leading game developers such as Parallel and Revolving Games.

“We constantly see new application possibilities emerging on OpenSea. It is crucial to provide a platform for all kinds of NFTs so we can attract the next generation of collectors,” said Finzer.

OpenSea has also revamped the pages of NFT collections so that creators can create richer and more customizable pages to tell the story behind their project. This flexibility applies to all types of NFTs, whether they are profile images, games, or physical items.

According to Finzer, the platform aims to evolve with new application trends. OpenSea wants to remain the best place to buy, sell and collect NFTs.

Focus on improved user experience in gaming

At the moment, OpenSea mainly focuses on improving the user experience in games. The company has introduced immersive game trailer videos and a new standard for redeemable items to enhance users’ core experience. These features are intended to strengthen OpenSea’s specialization in specific NFT areas.

“A good example of this is gaming, where it is important that gameplay is highlighted through video,” Finzer said.

The huge gaming industry is expected to drive the adoption of NFTs. As more gamers become owners of an NFT for the first time, a smooth onboarding experience becomes essential.

Finzer emphasizes the importance for gamers to experience the game before purchasing an NFT pass. This requires richer merchandising. He also sees potential in interoperability, where items or statuses earned in one game can unlock experiences in another, thanks to open standards for digital ecosystems.

On the way to one million new NFT users

The recent boom in the crypto market has led to innovation, with improvements to infrastructure making NFT transactions more attractive and cost-efficient. Finzer is convinced that these developments are essential to attract the next wave of users.

“We believe these investments provide an important foundation for attracting the next million users,” Finzer said.

For example, OpenSea’s new onboarding experience for beginners simplifies wallet creation and expands the platform’s use of fiat payments. Users only need an email address to create an OpenSea account with a self-custodial wallet. This integration allows users to buy, sell, send and receive digital assets and NFTs seamlessly, a crucial step for newcomers to the crypto ecosystem.

Finzer also speaks highly of Parallel, a leader in the Web3 gaming sector, highlighting their exciting and ambitious projects. He sees the expansion of NFTs with useful applications as essential to the growth of the industry.

“If our industry is to continue to grow and move beyond its core community, we must continue to see more collections come to life with real-world applications,” Finzer said.

What do you think? Will NFTs see a revival soon or is this party over for good?