According to an OpenSea blog post, the new app will allow users to connect their existing profile and use the advanced search tool to find new NFTs.” You’ll be able to store your favorite NFTs and look at different collections and data for each one.”
The blog goes on to discuss other advanced features coming to OpenSea’s desktop site. A simpler way to bid on NFTs, the option to create digital art without having to form an official collection, and a faster listing process were among the enhancements.
Through a three-step process, the new sign-up process attempts to alleviate the uncertainty that many first-time users experience.
2 Million Transactions in the Month of Maty
The App launch follows a flurry of activity on the platform in August. Two million transactions totaling $3.4 billion in trade volume, more than triple activity from July.
According to Dune Analytics, daily trading volume has decreased since late August.
Nonetheless, the app could help the company maintain its momentum. That is to say, the app will allow customers to verify NFT holdings, sales, and trade histories on their mobile devices.
The debut of the OpenSea app comes after revelations that one of the company’s employees took part in an NFT insider trading operation. The $1.5 billion company admitted to the event. And cofounder and CEO Devin Finzer apologized to followers through Twitter on Wednesday.
“We’re conducting a thorough review of yesterday’s incident and we will do the right thing for OpenSea users.“
In a statement to CNBC via email, Finzer wrote. “I was incredibly disappointed by the news. But, this behavior does not represent our values at OpenSea. We are working with an outside law firm to conduct an internal review.“
Coinbase Ventures, Blockchain Capital, and Mark Cuban are among the investors who have backed the startup thus far.
OpenSea is Capitalizing on the Current Craze for NFTs
OpenSea is capitalizing on the current craze for non-fungible tokens. One-of-a-kind, collectible digital assets developed on the blockchain.
The general public’s attention is on high-profile sales. For example, the $69 million Beeple sales at Christie’s. But, the thrill for co-founders Finzer and Alex Atallah, as well as others in the field, is in what is yet possible.
Finzer told reporters, “We’ve delivered a new technology to a popular audience.” Consumers should expect an experience that is… “fast, easy, and incredibly entertaining at the end of the day.”