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OpenSea Revamps Design of its NFT Store As Sales Continue to Fall

OpenSea, one of the major NFT markets, has redesigned its profile and collections pages to make the site more user-friendly and focus attention on the NFTs themselves.

In a blog post published on Thursday, the company stated that these changes are “only the beginning” of its efforts to improve the site’s functionality.

In response to OpenSea’s revamp efforts, a report from The Verge called the refreshed profile pages a bit like Twitter and Etsy’s.

“However, it is not really a bad thing. The old version was a bit tricky to navigate; it looks like the marketplace has smoothed out some of the edges,” wrote Mitchell Clark of the referred media outlet.

In addition, the platform also updated the collection pages, which display groups of NFTs. It has a more modern appearance and focuses less on metrics like how many users own certain NFTs or the cheapest NFT in a collection, etc.

Better Designs But An Awkward Timing

NFT sales have been dropping throughout the past year, sometimes at a breakneck pace. In other words, while the redesigns are better, they come at an inconvenient time.

At the same time, Opensea is not choosing to launch an entirely new NFT marketplace like Coinbase, which has had unfortunate outcomes so far.

OpenSea’s average selling price, the number of traders, and sales volume have all decreased since last month, according to DappRadar. Even though, it continues to maintain its position as the most active marketplace in terms of dollars spent.

The Future of NFTs Seems Uncertain

According to NonFungible data, the NFT market, on the whole, has also remained low, though the picture varies based on how you slice it. If you look at daily averages, you’ll notice that both the number and dollar amount of sales have fallen all year. The decline continued despite the massive spike on 1st May when the company behind the Bored Ape Yacht Club rolled out a project named Otherside.

While the volume of sales is still down on a monthly basis, there has been an uptick in the dollar amount of sales.

Although a revamp is unlikely to revitalize the NFT market, those who remain (DappRadar reports that close to 124,000 individuals have used OpenSea in the last week) might enjoy a better experience.