This week, OpenSea, the world’s largest NFT marketplace, is launching its own mobile app, available on both Google Play and App Store.
Even though since early September the volume of trading in the NFT industry has been on the decline, this field is still very popular with artists, art lovers, and collectors from all over the world. To reach out to even more potential customers and make their experience with OpenSea more enjoyable, the world’s largest NFT marketplace is releasing its own application, which should become available on Google Play and the Apple App Store today.
OpenSea is considered one of the giants of the digital currency industry, and rightfully so. In just four years of its existence, the company has managed to achieve the unicorn status (a company worth over $1 billion). The platform has received financial support from prominent figures in the cryptocurrency community such as Coinbase Ventures, Blockchain Capital, and Mark Cuban.
Scott Duke Kominers, Associate Professor at Harvard Business School, commented on OpenSea’s initiative to launch its own mobile app, emphasising that consumer-friendliness is one of the most important principles of platform success in the NFT field:
“A lot of the most successful players are the ones that have submerged some of the crypto-ness of the system in ways that make the experience for the consumer feel more like a normal online purchasing experience,” Kominers said.
In the early days, non-fungible tokens were marketed as a way to support artists, and few entrepreneurs with an interest in the field at the time used digital art as an opportunity for branding, marketing, and advertising.
According to CNBC, the barrier to entry into the NFT space remains on a high level. This is due to the high cost and a long chain of actions, the implementation of which sometimes simply discourages a user with no background in the field. Indeed, today, in order to join the NFT sphere, it takes to create a cryptocurrency wallet, top it up with digital assets, and link it to the website of the selected marketplace. All of that is, of course, a piece of cake for experienced cryptocurrency enthusiasts. However, for an unprepared user, it all may come to a halt already at the stage of acquiring crypto assets, let alone buying or selling digital art.
Seeing the overall climate in the NFT industry right now, we can conclude that at this point, user engagement in the field is lowered. That, in turn, means that the booming success of platforms like OpenSea is still ahead. The launch of a mobile app is a big step in making NFT trading a lot more user-friendly than it has ever been. If you have any interest in digital art, this one is certainly a must.
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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