OpenSea 2.0 early testers reveal more details: XP retroactive rewards, Season 1 XP events, and more.
Compiled & Written by: Karen, Foresight News
Last week, I published an article titled “OpenSea 2.0 Speculation: Points? Airdrops? NFT Launchpad?”, and just over the weekend, NFT trader john.weth, an early tester of OpenSea 2.0, revealed many details about this version. So, what are the highlights of OpenSea 2.0?
What are the highlights of OpenSea 2.0?
- A brand new user interface: This includes a list of NFT collections ranked by the previous day's transaction volume and floor price increases, as well as trending collections, making it clear for users.
- Optimized Profile page: This page presents users' held assets, asset values, and trading activities more intuitively, providing a more convenient asset management experience.
- From the Leaderboard page, it can be seen that OpenSea will distribute XP retroactive rewards to users and will hold Season 1 XP events. Ways to earn include listing NFTs and placing offers on top NFT collections. The total XP rewards are also related to loyalty and BOOST, where listing NFTs on OpenSea can maximize user loyalty, and the BOOST multiplier is related to rankings.
Additionally, the points for Top Bidders will see significant increases, with specific rules as follows:
- 100th to 51st place: 1.2x points
- 50th to 26th place: 1.5x
- 25th to 11th place: 2x
- Top 10: 2.5x
- The OpenSea page clearly states that XP is far more than just a number; as users collect more, its true value will become increasingly apparent. At the same time, OpenSea reserves the right to deduct and reset XP rewards for users who harm the interests of other users or provide fake liquidity, to ensure the fairness and healthy development of the platform.
OpenSea faces multidimensional challenges
Regarding whether OpenSea is replicating Blur, OpenSea co-founder and CEO Devin Finzer has clearly denied this. He emphasized that the goal of OpenSea 2.0 is to become the NFT home for everyone, whether they are collectors, professional traders, or users in between. Additionally, OpenSea 2.0 will continuously launch more innovative features to meet the growing demands of users.
In the past year and a half, the NFT market has remained shrouded in a shadow of sluggishness, putting heavy pressure on every participant in the industry. OpenSea has faced strong impacts from the newcomer Blur, with its market share significantly shrinking; last week, NFT transaction volume accounted for 26.4%, while Blur reached 53.6%. In stark contrast, OpenSea once monopolized 98% of the market share at its peak.
Now, whether OpenSea can successfully turn the tide with the newly launched OpenSea 2.0 platform and points reward strategy, reclaim its market leadership, and reignite the NFT sector is undoubtedly a daunting and challenging task.
The challenges faced by OpenSea are multidimensional. On one hand, it needs to compete with Blur for market share and user resources. On the other hand, OpenSea needs to find an effective way to reignite consumer interest in NFTs. In the current sluggish NFT market, user enthusiasm for NFTs has clearly cooled. How to reignite the NFT craze is not only a question that OpenSea needs to ponder but also a severe test faced by the entire NFT industry.
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