Opensea saw a dramatic fall in transaction volume in August, with daily and monthly volumes plunging by 95% and 97% respectively. On August 28, the platform processed only $5 million in NFT transactions, down from $405.75 million on May 1.
OpenSea, the digital marketplace for crypto collectibles and non-fungible tokens (NFTs), has launched a new initiative to make it easier for creators to create and distribute NFTs on its marketplace.
With this new immersive initiative, creators will now be able to launch their NFT collections on their own customizable and dedicated drop pages, which the company hopes will allow for greater visibility and discoverability on the marketplace’s new homepage. In addition to sharing images and videos, creators will now be able to outline roadmaps, provide team highlights, and more. The announcement reads:
“Drop pages will include information about the drop, the minting schedule, a countdown clock, and of course — an NFT gallery. We’ll also allow collectors to set alerts via email or add to their calendar to remind them when to return to mint.”
Saving creators time and the technicalities involved in creating their own custom smart contracts,
“Developing a secure smart contract that can orchestrate multi-stage drops is one of the most important and technically complex elements, and now creators can skip this step entirely by using SeaDrop.”
Projects On Opensea will also have access to SeaDrop, a new secure open source smart contract that will facilitate the drop experience.
Opensea witnessed a 40 percent drop in daily transactions and a 90 percent drop in monthly transactions in August. On August 28, the NFT platform processed $5 million, compared to $405.75 million transactions on May 1