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Market-leading NFT exchange OpenSea launches a new update to its platform, emphasizing storytelling, minimalism and security.

On the evening of September 19, NFT exchange OpenSea released its latest update. The new experience allows projects to launch right on OpenSea.

New updates will be broadcast first with two projects omgKirby and Channel Tres on September 22. OpenSea wants to expand multi-chain and branch out into new mints, incorporate more analytics, improve storytelling elements, and add more useful features.

Over the past time, OpenSea has continuously improved and refreshed the platform, in an effort to attract new users and maintain its performance in the battle for market share. At the end of August, the platform integrated layer-2 Polygon into the Seaport protocol – developed by the project itself to improve transaction quality – along with a series of new features.

Meanwhile, the most expensive NFT marketplace on Solana, Magic Eden, is also doing its role quite well. Magic Eden has had two recent significant milestones: raising capital of 130 million USD, increasing its valuation to 1.6 billion USD and establishing the investment arm Magic Ventures to promote Web3 gaming, before proposing to expand into Ethereum. . But a few days ago, the project was criticized by the community regarding the control of NFT royalties.

Main content of the update

1. Dedicated pages

Drops on OpenSea will feature custom pages for images, videos, and more space for storytelling. These pages include information about the mint event, schedule, countdown timer, and an NFT gallery. Additionally, users can also set email reminders or add them to their calendars.

2. SeaDrop

An open source smart contract will be published on OpenSea. Developing a secure smart contract is the most important and technically complex element. Now projects can skip this step entirely with SeaDrop.

3. Minting

As collectibles are released, the event page will offer users the ability to mint NFTs directly by connecting to wallet providers without leaving the landing page or visiting their websites. third-party.

4. Allowlists

Drops on OpenSea will support allowers lists and store this information in a decentralized manner.

In recent months, the NFT market has seen interest and engagement dwindle. This downturn has been especially notable over the past few weeks, due to the growing decline in interest in the NFT sector, affecting various aspects of the NFT space.

Sharp decline of the market

According to ASXN data, a clear example of this market shift is the floor price of the Bored Ape Yacht Club (BAYC) NFT. This floor price has experienced a sharp decline, reaching a historic low of 23 ETH. As a result, a significant number of more than 108 BAYC NFTs face the risk of liquidation.

Digging deeper, it is worth noting that BendDAO, an active contributor to the BAYC ecosystem, has 32 BAYCs with a health factor at or below 1.1. This includes eight NFTs with an even lower health factor, at 1.05 or lower.

BendDAO applies a floor price calculation method based on a time average, positioning the BAYC floor price at 25.02 ETH.

For comparison, when taking into account the other platforms, Blur and Opensea, we see their respective floor prices are 23.1 and 23.49 ETH. Interestingly, ParaSpace, another market, is also struggling with challenges.

Here, an additional 76 BAYC NFTs are facing potential liquidation risk, with 18 of them having a health factor below 1.05. Meanwhile, the remaining 58 NFTs have a health factor below 1.1. Adding to the complexity, 6 BAYCs are currently being auctioned. This marks a tumultuous period for this segment of the NFT market.

Market status

Furthermore, the ripples of this trend are already being felt across the entire NFT market. Yuga Labs NFTs, have been a huge contributor to market volume. The total fees paid to OpenSea over time underscore this, with Yuga Labs accounting for three of the top four projects, totaling more than $100 million.

Despite this significant contribution, the overall percentage of total revenue attributed to Yuga Labs stands at approximately 15%. Year-over-year figures continue to rank Yuga Labs as the top contributor, albeit at significantly lower numbers as market volume appears to have shifted to other platforms such as Blur.

Considering these dynamics, it is reasonable to speculate on the potential ramifications of Yuga Labs’ demise on ApeCoin. This token, which is intrinsically linked to Yuga Labs, has experienced a significant drop in value.

As of press time, ApeCoin was trading at $1.51, reflecting a significant decrease over the past week.

Adding to the complexity, sentiment among larger holders became bearish during this period. Furthermore, the number of token holders has decreased. The combination of these factors can significantly impact the price of APE.