Authorization

OpenSea released an app — but it’s for browsing, not buying and selling

It’s a big day for the Amazon of the decentralized internet — OpenSea now has an app for iOS and Android. For most companies, having a mobile app is a milestone you’d reach before hitting a $1.5 billion valuation. But like any store — whether you’re selling NFT art or not — there’s a hefty price to pay for app store transactions, whether you’re on Android or iOS. That’s possibly why OpenSea’s shiny, new app is only for browsing NFTs, not for buying or selling them. For context, OpenSea saw $3.4 billion in trading volume across two million transactions in August. With Apple and Google taking 30% of in-app transactions, if that volume had been traded on the new app… What’s 30% of $3.4 billion?
Perhaps more of a roadblock, there’s still no way to make in-app payments with crypto. If OpenSea wanted to support buying and selling, it would have to build out its infrastructure for USD payments and push more users towards it. But part of the appeal of OpenSea is that it’s a crypto native platform, largely reliant on the Ethereum blockchain which gives people easier access to information about when an NFT was minted, who minted it, how it’s been traded, etc. It could upset the existing ecosystem of users if the startup pushed the platform towards being more dollar-friendly.

On the OpenSea app, users can connect their profile, browse NFTs, favorite NFTs, search and filter NFTs, and view collection and item stats. When you view an NFT in the app, a button appears that lets you share the NFT outside of the app. Rarible, another NFT marketplace, released a mobile app about a month ago. Like OpenSea’s app, on the Rarible app, you can only browse NFTs, not buy, sell, or trade them.
OpenSea released an app — but it’s for browsing, not buying and selling
Image Credits: OpenSea
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«    Август 2022    »
ПнВтСрЧтПтСбВс
1234567
891011121314
15161718192021
22232425262728
293031