Devin Finzer, CEO and Co-Founder of OpenSea, has announced plans for OpenSea 2.0, emphasizing their commitment to Ethereum due to its superior speed and lower costs. While not dismissing Bitcoin outright, Devin suggested that Bitcoin might limit NFT use cases to art-related applications compared to Ethereum, which offers a broader range of possibilities.

This announcement comes amidst a downturn in the NFT industry, with total sales volume dropping to $8.7 billion in 2023. However, recent trends show signs of recovery, with transaction volumes increasing in the last 30 days, especially in December, reaching $1.775 billion.

Bitcoin has been leading in NFT transactions, with a volume of around $692 million in the past month, while Ethereum recorded $320 million. Despite Ethereum's lower transaction volume, Devin remains confident in its economic efficiency and speed, which enables developers to create applications across various sectors within the ecosystem.

While acknowledging the rise of new competitors like OKX NFT and Blur, Devin remains unfazed, stating that transaction volume can sometimes be misleading. He clarified that marketplaces often incentivize traders with native tokens as rewards, which can inflate transaction volumes.

OpenSea 2.0 aims to be a more user-centric marketplace, prioritizing use cases over transaction volume. The platform will feature an interface tailored to accommodate different types of use cases.

Devin Finzer's endorsement of the Ethereum network may contribute to the sustained value of its native token above $2.5k. Despite market fluctuations, both Bitcoin and Ethereum continue to face challenges in maintaining momentum following the approval of Bitcoin ETF applications, with Bitcoin struggling below the $43k mark while Ethereum remains above $2.5k.