NFTs, or non-fungible tokens, have transformed the way people monetize and consume art. Last year, numerous digital artworks, may it be digital paintings, music, or photographs, all skyrocketed in the NFT industry.
Artists like Beeple, for example, have sold millions in NFTs with artworks like "HUMAN ONE," which was sold at $28 million, and "Everydays: the First 5000 Days," which was sold at $69 million.
The most expensive NFT was sold for $91.8 million. The NFT wave caught everyone and created a social trend of buying NFTs as an asset. One of the most popular NFT platforms where users can buy or sell their NFTs was OpenSea.
OpenSea's Revamped Design
The NFT marketplace OpenSea, which is one of the largest of its kind, has revamped its profile and collections pages with the intention of making the site more user-friendly and putting the actual focus on the NFTs themselves.
OpenSea stated that the objective of the recent revamp is to make it simpler than ever before to navigate OpenSea, thanks to the newly redesigned Profile and Collection sections.
OpenSea wants to make it simpler for users to highlight the most important content, locate new artwork by the producers whose work they admire, and learn about additional NFTs.
You might have noticed we made some changes 👀
— OpenSea (@opensea) May 26, 2022
Starting today, we’re rolling out a refresh to your Profile and Collections pages on OpenSea.
Here’s what’s changing ↯https://t.co/fkD3vBi7yA pic.twitter.com/h4QNXTbVtL
The collection page, which displays collections of NFTs, has also been updated to reflect the changes. It has a slightly more contemporary appearance, and it places less of a focus on indicators such as the number of people who own certain NFTs and the price of the lowest NFT in the collection.
According to an announcement post published by the company on Thursday, these redesigns are merely the beginning of the company's work to improve the functionality of its website.
OpenSea stated, "This is just the start of a longer journey, and we'll be cataloging all coming changes in this post as they roll out."
The NFT platform stated that it would continue to release updates, streamlining the experience and making room for the community to have deeper experiences in the next few weeks. As a part of these adjustments, OpenSea is also working on updates to our technical stack in order to make the OpenSea experience for everyone speedier and more responsive.
Read Also: Crypto Rug Pulls: The Biggest NFT Scams Yet
Current NFT Sales
The revamp might have come in an attempt to still carry on the hype of NFTs, despite the rapid decline of their trend.
As reported by The Verge, the sales of NFTs have been going down, sometimes at quite a rapid pace, during the course of the past year. There have been reports that OpenSea's average selling price, the number of traders, and sales volume have all decreased over the course of the past month.
Despite these trends, OpenSea nevertheless easily maintains its position as the most active marketplace in terms of dollars spent.
However, depending on how the data is interpreted, different conclusions can be drawn about the state of the business. If users look at the daily averages, they will notice that the number of sales and the dollar amount have both been on the decline throughout the year.
When looking at the averages for each month, users can see that the number of sales is still decreasing, but the dollar amount of those purchases has increased.
This decline might be attributed to numerous factors, such as the ongoing COVID-19 pandemic, the high inflation rate, the stock and crypto markets decline, and many more.
