In a previous article titled, ‘Will There be an NFT Revival?’, I spoke about how the future of NFTs will be different from how they came onto the scene in 2021. Back then, it was all about hype, but going forward, NFTs will be valued based on use cases and intrinsic value.

This is clearly a common viewpoint within the industry, as the leading NFT marketplace, OpenSea, has worked on an upgrade known as OpenSea 2.0. This upgrade aims to enhance user experience and differentiate NFT categories as use cases evolve.

Previously, NFTs were displayed uniformly on OpenSea, regardless of the token types. In Opensea 2.0, users can clearly see the different categories and each NFT’s unique use case, further spotlighting a break away from the hype-fueled NFT space of the past.

Here are some things to expect in Opensea 2.0:

1. User Onboarding Simplification: OpenSea has introduced a new onboarding experience, allowing users to create a self-custody wallet with just an email address, simplifying the process of purchasing, selling, or transferring NFTs.

2. Enhanced Security Measures: There's an emphasis on improving security, with advancements in the detection of fake NFT collections and harmful URLs.

3. Customized User Experience: OpenSea 2.0 focuses on providing a more tailored experience, particularly for different types of NFTs. For instance, ticket NFTs will be displayed on a calendar and sorted by date, making it easier for the user to keep track of them.

4. Response to Market Trends: OpenSea is also responding to emerging trends in the blockchain and NFT spaces, such as the increasing usage of the Solana blockchain for NFTs and the rise of Ordinals on the Bitcoin blockchain. Despite these trends, Ethereum remains a preferred blockchain for NFTs, especially with improvements in transaction cost and speed offered by its layer-2 chains.

5. Improved Pro Trading Platform Access: In response to the increasing popularity of platforms Blur and Tensor offering professional trading experiences, OpenSea is enhancing its interface to enable easier access to its pro trading platform. This includes the ability to switch seamlessly from a collector view to a more advanced view and vice versa.

Shift in Focus

Opensea is now focused on streamlining operations, improving technology, and enhancing user experience. To this end, the company has reduced its workforce by 50%, which is expected to result in a flatter organizational hierarchy for faster decision-making and closer market engagement.

Conclusion

There has been a notable decline in global sales of NFTs compared to the last crypto bull market, but that is to be expected. People are now much smarter when dealing with NFTs and studying intrinsic value rather than buying the most hyped NFTs.

In addition, OpenSea, once the dominant player in the NFT marketplace, is now facing increased competition from newer entrants like Blur, OKX NFT Marketplace, and Magic Eden, which is why evolving is paramount.