On October 3, the NFT marketplace OpenSea introduced a new service, OpenSea Studio. Users can now smoothly create and manage their NFT projects. The old way of creating NFTs, which was called “lazy minting”, is no longer available.
What is OpenSea Studio aimed at
According to the company's announcement, the main goal of OpenSea Studio is to simplify the process for web3 creators so that they “can focus on creativity and engagement instead of operational mechanics”. A quick tutorial on how to use OpenSea Studio is in the tweet below.
Basically, OpenSea Studio allows users without programming knowledge to create an NFT collection in a few clicks, design it on the site, and prepare everything for sales.
OpenSea Studio features
At the moment, the following functionality is presented:
📜 Preparing an NFT collection for release and setting up allowlists if needed (a list of addresses that are allowed to receive or purchase NFTs);
👛 Minting NFTs directly into your wallet;
💳 Minting other users’ NFTs using a bank card;
In the near future, the company promises to add new features to design the collection page on OpenSea (video/image/text modules, roadmap, and FAQ section) and to launch OpenSea Editions. It is a product that makes dropping NFTs “as simple as posting a photo on Instagram”. Specific details are yet to come.
NFT market condition
OpenSea is launching this new service against the backdrop of falling interest in the NFT market in general and its own marketplace in particular.
As seen on the chart above, since February 2023, the total volume of NFT trades on Ethereum (this blockchain has the largest volume of NFT trades) has been falling, according to The Block. OpenSea's share is also shrinking, with the Blur marketplace dominating at the moment. Whether the launch of tools that simplify NFT creation will help OpenSea regain its leading position, time will tell.
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