OpenSea, the biggest NFT marketplace, is all set to launch a new platform to epitomize NFT trading. Devin Finzer, the co-founder of OpenSea, has hinted at the launch of a new platform in December this year. The new platform is not a revamped version of the old one; it is built from scratch. There is also a possibility that OpenSea will launch a native token of its own and conduct an airdrop event to promote the new platform.
This announcement of a new platform comes as the NFT marketplace has started gaining back momentum after a period of decline. OpenSea’s launch of a revamped NFT marketplace will boost this process.
Features Of OpenSea 2.0
The new version of the OpenSea platform would showcase many innovative features that were absent in the original version. In the revamped version of OpenSea, you may receive experience points (XP) for each of your activities on the platform. These points will determine your share of the native tokens in the expected airdrop of the OpenSea 2.0 platform. There will also be a leaderboard that records the points earned by each user.
The revamped version of OpenSea will support more blockchains. It will develop more than a mere NFT marketplace. With its own native cryptocurrency, OpenSea 2.0 will be deployed for more use cases than what is possible with the current version.
These are the expected features of OpenSea 2.0, though none of these are officially confirmed yet. A detailed idea about the features of OpenSea 2.0 will be available only after the platform is officially launched next month.
What Is OpenSea?
The biggest non-fungible token (NFT) trading platform is OpenSea. The NFTs are unique goods with multiple applications. On the OpenSea platform, you can trade NFTs, and NFT creators can launch new digital works or digitize existing pieces of work.
OpenSea was launched in 2017 after drawing inspiration from CryptoKitties, a blockchain-based game in the form of an NFT. This non-custodial platform gives the users full access to their cryptocurrency wallets. On the OpenSea platform, you can select from a wide range of almost 2 million NFTs and create new ones.
How To Use OpenSea?
The user interface of OpenSea is simple to use and intuitive. First, connect a crypto wallet to the platform. When you purchase an NFT on OpenSea, it is sent to this wallet address. OpenSea supports wallets such as MetaMask, Coinbase Wallet, Trust Wallet, Fortmatic/Magic, Bitski, Bitget, Core, Phantom, Solflare, Glow, Opera Touch, Wallet Connect, and Kaikas.
After connecting the wallet, you can explore the OpenSea platform to get to know the wide range of NFTs available and purchase the one you want. You can also sell the NFTs you have with you or exchange them for new ones.
If needed, you can create your own NFTs on the OpenSea platform. You can convert any artwork of your choice to an NFT, even if you do not have the necessary coding knowledge.
To create a new NFT, you have to navigate to the Studio section of OpenSea and click on the “Create” button. You should further click on “collection or item” to mint new NFTs directly to your wallet. You should also select a logo image, contract name, and token symbol for the newly created NFT.
Expected Challenges For OpenSea 2.0
Even though the intentions behind the creation of a new version of OpenSea are pure, it is not free of challenges. The main challenge is how well the new platform will be able to navigate regulatory authorities such as the US SEC.
Recently, SEC laid certain restrictions on the OpenSea platform stating that some of the NFTs sold were unregistered securities. With the new OpenSea platform, showcasing advanced features, it is a matter of concern as to how well the platform can negotiate its case with the authorities.
The Bottom Line
The newly launched OpenSea platform is expected to make NFT trade easier. The strategic time of launch is such that the platform can leverage the current rise in the demand for NFTs. OpeSea 2.0 would be a welcome change to the NFT business model.
