Where are the opportunities for the NFT track? This should be something that NFT players have been thinking about in recent months. Due to the competitive pressure brought by Blur, the market share of the NFT market giant Opensea is constantly being squeezed, and the second-tier NFT trading markets such as X2Y2 and LooksRare have no opportunities to speak of. The newly launched NFT market will also face many challenges.
Facts have proved that it is very difficult for the NFT market to retain users. Where there are rewards and expectations for currency issuance, they will go there. Facing such a fiercely competitive and fiercely competitive NFT track, each company has tried its best to find ways to innovate products and gameplay in order to seize the NFT market share.
Opensea Launches Opensea Pro, "Community Rewards" Sparks Airdrop Speculation
Following the exemption of marketing fees and royalties, Opensea's next major move is to upgrade the Gem v2 brand to OpenSea Pro. Since Opensea acquired Gem, there have not been many dynamic updates about Gem. The once-popular NFT aggregator OG seems to have gradually flattened out and faded out of the ranks of NFT market competition. However, this brand upgrade not only reawakened Gem's glory at that time, but also made it a powerful tool for Opensea to fight against Blur.
According to the official introduction of OpenSea Pro, the brand upgrade of Gem is aimed at becoming "the most powerful NFT market aggregator", and has compiled lists from more than 170 large and small NFT markets, including Blur, LooksRare, X2Y2, OKX and other platforms. Additionally, some other new features include:
Real-time discovery of cross-market data: Support real-time monitoring function, which can update all data of NFT trend, minting and collection pages in seconds.
Instant Sales: Aggregate offers of various types of NFTs from the entire NFT market, enabling users to sell at the best prices.
Optimized Gas cost: When purchasing NFT, Pro is significantly cheaper than Blur in terms of the Gas cost of the two.
0% Listing Fee: You can list NFTs on OpenSea with 0% fee during the promotion period.
Other new features include watchlists, Live Mints overview, batch transfers, and more.
In addition, in terms of user incentives, OpenSea Pro is "tracking users' activities on Gem to score points", which is reminiscent of Blur's point incentives. As far as the NFT market is concerned, this hint has already excited NFT traders. Currently, OpenSea Pro and Gem rank among the top in terms of daily transaction volume and number of active addresses.
Magic Eden Launches Diamond Rewards Program and Tests the Bitcoin Market
After Solana was affected by the FTX incident, the trading volume of the Magic Eden market also dropped for a while. But that hasn't stopped Magic Eden from continuing to expand. In terms of gameplay and product innovation, Magic Eden has more actions. For example, in addition to focusing on the Solana ecology, the platform has been extended to the Ethereum network, the ETH aggregator has been launched, and the Polygon network has also been integrated; in addition, the discount and reward system has been introduced, and users can obtain rewards, discounts and other benefits through activities on the platform. And users have the opportunity to get a 5% -45% transaction discount, etc. Recently, it has focused on Web3 games, and its venture capital arm, Magic Eden Ventures, has invested in 11 Web3 game studios. And gradually launch at least 12 Web3 games on Ethereum, Solana and Polygon.
Recently, Magic Eden has made two major moves. One is to launch the Bitcoin ecological NFT market. As the Ordinals protocol has gradually gained everyone's attention, the off-site transaction volume of the early-launched Bitcoin NFT has surged, making more and more Builders excited about this, and they are seeking opportunities to access the Bitcoin NFT ecosystem. Magic Eden has currently integrated support for Bitcoin wallets Hiro and Xverse, etc., and allows traders to list, buy and sell Ordinals NFT, and has also decided to temporarily support Bitcoin ecological NFT without royalties.
In addition, Magic Eden also launched the Bitcoin Launchpad, or affected by the launch of the Magic Eden BTC Launchpad, Dune data shows that on April 7, the Ordinals inscription NFT minted volume increased significantly to 36,898 pieces, more than 10,000 pieces more than the previous day. Magic Eden also announced that it will launch more than 10 Bitcoin NFT projects based on the Ordinals protocol in April.
Magic Eden's second big move is the launch of the diamond rewards program. The Diamond Rewards program allows users to earn diamonds based on different tasks. According to the official website, diamonds are a reward currency, and the number of rewards will remain the same every month. There are three ways to get diamonds: listing NFT on Magic Eden and successfully selling it; bidding on NFT on Magic Eden and being accepted; improving personal information. Plus, 100% loyalty score gets a 2x multiplier.
Magic Eden's Diamond Rewards program is similar to Blur's points. Magic Eden is also one of the NFT markets that have not yet issued coins. The recent continuous new actions have also led the community to analyze that Magic Eden has a strong incentive to issue coins. Diamond rewards may also become one of the airdrop reference standards for Magic Eden’s future coin issuance. .
Currently, Magic The total transaction volume of Eden has exceeded 2 billion US dollars.
LooksRare launched the V2 version, the handling fee is almost zero
Due to the decreasing reward mechanism, the market share of LooksRare has also gradually decreased, but it is still a strong competitor with Opensea and is constantly improving its own platform functions. LooksRare is characterized by additional functions such as batch listing and purchase, as well as lower transaction fees on the platform, which is more friendly to users who conduct real transactions and transfers. The V2 version is launched this time, and updates have been made in these two aspects. LooksRare's platform fee is reduced to 0.5%, and the gas fee is 50% cheaper than Blur. It also introduces the function of signing batch pending orders. Users can also purchase more than 70 NFTs at one time, and sellers can get ETH instead of WETH.
Surviving the bear market is not an easy task. When "Blur-led point rewards" became the main attraction of the NFT trading market, LooksRare did not blindly follow the trend, but firmly enhanced the NFT trading experience with lower fees .
Not only are these old-fashioned NFT markets constantly making new moves, but the newly launched NFT market has also attracted the attention of NFT players with its early stage, innovative gameplay and airdrop expectations.
Mint.fun Open Pass Mint Led by Open AI CEO
Mint.fun Pass Minting was trending on Twitter yesterday. mint.fun is an NFT mint aggregation platform launched by Context, a Web3 wallet tracking application. The reason for its popularity is that Context was led by OpenAI CEO Sam Altman last year. With the popularity of chatGPT, mint.fun has become a masturbation party The next gold mine we're betting on.
The functions currently provided by mint.fun include: mint multiple NFTs in one interface; run automatic security checks on each project, mark suspicious projects so that users can interact cautiously; summarize all information of the project, including project startup time, percentage of mint , top minters, etc.; project creators can also set mint prices, and many projects are minted for free.
The open pass minting this time will be used for subsequent interactions to obtain points. As of the publication, nearly 25,000 addresses have successfully mint the pass and obtained corresponding points. The points play the same way as Blur, the higher the points, the rarer the chests you get, and rewards retroactively in the future.
Manifold launches multi-NFT burning mechanism "Multiburn"
Manifold is an NFT platform that allows creators to self-deploy contracts. After creators have deployed their own NFT contracts, Manifold will provide a set of tools to help creators customize the Drop mechanism, and without coding ability, it can be installed into your contracts with one click. And Manifold is completely free to use, without any platform fees or any sales copyrights. The point is that Manifold is invested by a16z.
Recently, Manifold announced the launch of a new NFT destruction mechanism "Multiburn". Users can destroy multiple ERC-721 and ERC-1155 NFTs to create new unique tokens. Multi-token destruction will also provide a new minting fee. The one-time fee is 0.00099 ETH, while the fee for a single token burn remains unchanged at 0.00069 ETH.
This update not only reduces the fee required to burn tokens, but also opens up the possibility of creating new NFT gameplay.
Although the recent blue-chip NFT narrative and development pattern is entering a period of adjustment, the NFT trading market is bustling. Regardless of whether Opensea can maintain its moat, whether the "Blur mechanism" will continue to drive the liquidity of the NFT market, the competition among masters will definitely make breakthroughs in user experience, product innovation, and reward mechanisms for NFT trading platforms.
