Despite the volatility in the NFT market, Devin Finzer, co-founder and CEO of OpenSea, remains optimistic about its future.
In an exclusive interview with BeInCrypto, Finzer discussed the current state of NFTs and the future of the digital marketplace. Amid 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, gaming and physical-backed NFTs are becoming increasingly popular among market participants. To cater to this interest, OpenSea has partnered with Courtyard for a project involving Pokémon cards and collaborated with leading game developers like Parallel and Revolving Games.
“We see new use cases emerging on OpenSea constantly. It’s crucial for us to ensure that OpenSea becomes the home for all types of NFTs to join the next wave of NFT adoption,” Finzer told BeInCrypto.
OpenSea has also revamped its collection pages to provide creators with richer, customizable pages to showcase their projects. This adaptability applies to various types of NFTs, whether they are profile pictures, game items, or physical projects.
According to Finzer, the platform is committed to evolving with new utility trends and ensuring that it remains the best place to buy, sell, and collect NFTs.
Currently, OpenSea’s main focus is enhancing the gaming experience for users. The company has launched immersive game trailers and new standards for interoperability 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 where highlighting gameplay through videos is crucial, and the vast gaming industry has the potential to drive NFT adoption. As more gamers become first-time NFT owners, a frictionless onboarding experience becomes essential.
Finzer emphasized the potential for interoperability, where items or states obtained in one game can unlock experiences in another game through open digital ecosystem standards.
The recent rise in the crypto market has sparked innovation, and improved infrastructure has made NFT transactions more attractive and cost-effective.
Finzer believes that these developments are crucial for attracting the next wave of millions of users. He mentioned, “We believe these investments are essential foundations for attracting 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 buy, sell, send, and receive digital assets and NFTs, making it an important step for new entrants to the crypto ecosystem.
Finzer also expressed admiration for Parallel, a leading company in the Web3 gaming sector, and emphasized the importance of utility-backed NFT expansion for industry growth.
“If our industry is to continue growing and expanding beyond the core community, we need to continue to see more collections of NFTs with real-world utility,” he said.
Despite the volatility in the NFT market, Finzer remains optimistic about its future. He hopes to continue developing new features and creating new opportunities to ensure OpenSea maintains its leading position in the NFT space.
He confidently stated, “With the emergence of new features, we will 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, with new use cases, improved infrastructure, and innovative features driving the growth of this field.