OpenSea's Feature Friday Brings Improved Offering Experience

OpenSea's Feature Friday Brings Improved Offering Experience

This afternoon, OpenSea announced a number of updates targeted at improving the offering experience on the platform.

The Deets

  1. Wallet overhaul with streamlined wrapping/unwrapping ETH
  2. Live balance refreshes
  3. Collection offer modal updates
  4. Offers tab for collection offer depth
  5. Trait filter on offers tab

What It Means

  1. The process of wrapping and unwrapping ETH has been streamlined on the site, which makes offering a simpler endeavor. In-app chain switching has also made navigating between networks easier. Watch this Loom video for an example of how it works.
  2. The wallet balance display now automatically updates when balances change, which will accurately display exactly how much you have to offer.
  3. The collection offer modal has been completely redesigned to make it easier for users to set the best offer with just one click. You can now view both the floor and the highest bid as they update in real time.
  4. The offer depth for a given collection is now displayed. See this Loom video for how it works.
  5. The new trait filter in the offers tab lets users quickly see the highest trait bids and depth.

❗ Why It Matters

The offering/bidding experience on NFT marketplaces changed forever once Blur came on the scene and introduced collection bids. OpenSea has since "borrowed" some of those features, particularly the real-time updates, the overall collection and portfolio views, and now the offer depth (among many other things). The streamlined process of wrapping and unwrapping ETH also appears to be somewhat reminiscent of the mechanic on Blur for adding to and withdrawing from the pool balance (at least as far as ease of use within the interface).

🖼️ The Big Picture

This news comes mere days after OpenSea rolled out OpenSea Pro, but more improvements to the original platform are always welcome, of course. There's no doubt OpenSea has had to be defensive in 2023, and it's no coincidence that OpenSea's Feature Fridays really became a thing at the start of the calendar year - after Blur had already made a splash by making royalties optional and offering airdrop rewards. These developments have also been unveiled while Blur bides its time until May working on "something new."

But credit to OpenSea for recognizing that they couldn't sit on their hands any longer; the competition simply wouldn't allow it. They've had the advantage of being the first dominant player in the NFT marketplace arena, and they've at least had a response to ceding so much market share to Blur (outside of answering the relentless cries of "wen token," that is).

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