OpenSea introduces a customizable airdrop service
OpenSea has announced the release of a new product that will introduce a customizable airdrop service for producers. The team has been developing software for the past few months to let creators manage projects without programming knowledge.
NFT enthusiasts can continue smiling
OpenSea has recently supported 10+ drops for their business partners. The firm has collaborated closely with these teams to create a customizable minting experience, which includes allowlist support, multi-chain coverage, and a rich storytelling experience.
On OpenSea, creators can now quickly launch compilations with a rich canvas to convey their brand, art, and roadmap. The experience will be made available throughout the upcoming weeks.
The new product will be combined with the previously released Drops and SeaDrop features, focusing on narrative, simplicity, and security, according to OpenSea’s official website. Creators can add a variety of project-related material to their customized drop pages, such as project introductions, team members, trailer videos, NFT galleries, and roadmaps so that collectors can quickly and easily discover the features and strategy of all projects.
Users can then utilize this functionality to create an airdrop on OpenSea if the creator’s contract complies with the ERC721 SeaDrop contract standard. According to the firm’s Twitter thread on the product, recruiting the next million NFT creators begins with providing user-friendly tools that ensure both the security of creators and collectors.
The company is investing in ‘what you see is what you get’ editing tools, security measures, and new creator discovery opportunities to make this viable. The goal is to make this solution more accessible, so anybody can create collections with an immersive storefront without requiring specialized technological resources or knowledge.
OpenSea reclaims its top position in market share
The total NFT transaction volume is steadily declining as the cryptocurrency market continues to be in a bear market. Some marketplaces have declared the suspension of creator royalties to win back consumers. This has negatively impacted OpenSea’s previous transaction volume, which sharply decreased.
However, in November, OpenSea released a smart contract-based blacklist function and an on-chain royalty enforcement mechanism, which increased its transaction volume from that month.
Dune Analytics’ data shows that OpenSea has remained at the top spot, ranking first with a market share of 47.1%, followed by Blur, an NFT market operated by Paradigm that routinely conducts airdrops, which is ranked second with a market share of 29.5%.
Fees paid to NFT inventors exceeded USD 1 billion in 2022
According to OpenSea, NFT creators have earned more than $1 billion this year (based on the purchases concluded between January 1 and November 23 on their platform). This sum excludes grants, different incentives, and sponsorships. 80% or more went to less well-liked collections, with the remaining 20% going to the top 10 NFTs.
The astounding sum previously indicated just accounts for the money made from creator fees from selling their NFTs. In many instances, sponsors and engagement initiatives benefit NFT inventors in addition to subsidies. Only 20% of the US$1.1 billion produced this year, according to data from OpenSea, went to the top 10 NFT collections. This list is exclusively based on the collections’ earnings from creator fees.
To “extend the canvas for narrative” and enhance the platform’s user experience for both authors and their followers, OpenSea intends to release other drops minting experiences completely. For the time being, this is still one of the more intriguing NFT-related initiatives to follow, and only time will tell if the market will recover from its recent decline.