In an exclusive interview with BeInCrypto, Devin Finzer, co-founder and CEO of OpenSea, discussed the state of NFTs and the future of the digital marketplace.
Amid speculation about the demise of NFTs, Finzer provided a clear vision for continued growth and innovation.
The rise of gaming and physically supported NFTs
Finzer emphasized that NFTs are not dead. In fact, gaming and physically backed NFTs are areas of increasing interest among market participants.
For this reason, OpenSea collaborates with Courtyard on projects involving Pokémon cards and with leading game developers such as Parallel and Revolving Games.
“We see new use cases popping up all the time on OpenSea. Ensuring that OpenSea is a home for all types of NFTs is critical to attracting the next wave of collectors,” Finzer told BeInCrypto.
OpenSea has also revamped its collection pages, offering creators richer, customizable pages to tell the story of their project. This adaptability extends across different types of NFTs, whether profile photos, games, or physical items.
According to Finzer, the platform aims to evolve with new utility trends, keeping the market one of the best places to buy, sell and collect NFTs.
Read more: 7 Best NFT Marketplaces You Need to Know About in 2024
Total number of NFT sales. Source: IntoTheBlock
For now, OpenSea’s main focus is on improving the gaming user experience. The company has introduced immersive game trailer videos and a new standard for redeemable items, which improve the core user experience. These features are intended to deepen OpenSea’s verticalization for specific NFT areas.
“A good example of this is gaming where it is important to highlight the gameplay through video,” says Finzer.
The huge gaming industry is expected to drive the adoption of NFTs. As more gamers become first-time NFT owners, a frictionless onboarding experience becomes essential.
Finzer noted the importance of gamers experiencing the game before purchasing an NFT pass, which requires richer merchandising. He also highlighted the potential of interoperability, where items or statuses earned in one game can unlock experiences in another, powered by open digital ecosystem standards.
The journey to another million NFT users
The recent boom in the crypto market has led to innovation, with infrastructure improvements making NFT transactions more attractive and cost-effective. Finzer believes these developments are essential for onboarding the next wave of users.
“We believe these investments provide an important foundation for onboarding the next million users,” he said.
For example, OpenSea’s new cold start onboarding experience simplifies wallet creation and broadens the use of fiat payments. All a user needs is an email to create an OpenSea account with a self-custodial wallet. This integration allows users to seamlessly buy, sell, send and receive digital assets and NFTs, a crucial step for newcomers to the crypto ecosystem.
Finzer also expressed his admiration for Parallel, a leader in the Web3 gaming sector, and highlighted their exciting and ambitious projects. He sees the expansion of utility-backed NFTs as essential to the industry’s growth.
“If our space is to continue to grow and expand beyond its core community, we need to see more collections come to life with practicality,” he stated.
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Despite the volatility of the NFT market, Finzer remains optimistic about its future. He wants to continue building out new features and capabilities to ensure a secure place at the forefront of the NFT sector.
“As new utilities come to life, we will evolve the market toward better merchandise and bring to life the utility behind an NFT,” he affirmed.
Finzer’s insights dispel the idea that NFTs are dead. Instead, these digital assets are evolving, with new use cases, improved infrastructure and innovative features driving the space forward.