Devin Finzer, co-founder and CEO of OpenSea, discussed the current state of NFTs and the future of the digital marketplace in an exclusive interview with BeInCrypto.
Contrary to speculation about the decline of NFTs, Finzer provided a clear vision of continuous growth and innovation. He pointed out that NFTs have not disappeared. In fact, NFTs supported by games and physical items are becoming increasingly popular among market participants. To this end, OpenSea has partnered with Courtyard to launch a project involving Pokémon cards and collaborated with leading game developers such as Parallel and Revolving Games.
“We see new use cases constantly emerging on OpenSea. Ensuring that OpenSea becomes the home for all types of NFTs is crucial for joining the next wave of the NFT boom,” Finzer told BeInCrypto.
OpenSea has also revamped its collection pages to provide creators with richer, customizable pages to tell the story of their projects. This adaptability applies to various types of NFTs, whether they are profile pictures, games, or physical projects.
According to Finzer, the platform is committed to evolving with new utility trends to ensure that it remains one of the best places to buy, sell, and collect NFTs.
The current focus of OpenSea is to enhance the gaming experience for users. The company has introduced immersive game trailer videos and new redemption standards to enhance the core user experience. These features aim to deepen OpenSea’s verticalization in specific NFT areas.
In Finzer’s view, gaming is a prime example, and highlighting gameplay through videos is crucial. The vast gaming industry is expected to drive the application of NFTs as more gamers become first-time NFT owners, making frictionless onboarding experiences essential.
Finzer emphasized the potential for interoperability, where items or statuses obtained in one game can unlock experiences in another game through open digital ecosystem standards.
The recent surge in the crypto market has sparked innovation, and improvements in infrastructure have made NFT transactions more attractive and cost-effective.
Finzer believes that these developments are vital for attracting the next wave of millions of users. He mentioned, “We believe these investments are important foundations to attract the next wave of millions of users.”
For example, OpenSea’s new “cold start” onboarding experience simplifies the wallet creation process and expands the use of fiat payments. Users only need an email to create an OpenSea account with a self-hosted wallet.
This integration allows users to seamlessly purchase, sell, send, and receive digital assets and NFTs, which is crucial for new users entering the crypto ecosystem.
Finzer also expressed admiration for Parallel, a leading company in the Web3 gaming space, and stressed the importance of utility-supported NFT expansions for industry development.
“If our field is to continue to grow and expand beyond the core community, we need to keep seeing more NFT collections with real-world utility,” he said.
Despite the turbulent nature of the NFT market, Finzer remains optimistic about its future. He hopes to continue developing new features and creating new opportunities to ensure OpenSea’s leading position in the NFT space.
He stated confidently, “As new features come out, we’ll continue to evolve the market to better market NFTs and bring the functionality behind them to life.”
Finzer’s insights dispel the notion that “NFTs are dead.” Instead, these digital assets are constantly evolving, and new use cases, improved infrastructure, and innovative features are driving the growth of this field.