Tuesday, October 26, 2021

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

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It’s a big day for the decentralized Internet Amazon: OpenSea now has an app for ios other Android. For most companies, having a mobile app is a milestone they would reach before reaching a valuation of $ 1.5 billion. But like any store, whether you sell NFT art or not, there is a high price to pay for app store transactions, whether you’re on Android or iOS. That may be the reason why OpenSea’s shiny new app is only for browsing NFT, not buying or selling it. For context, OpenSea saw $ 3.4 billion in trading volume in two million transactions in August. With Apple and Google taking 30% of in-app transactions, if that volume had been traded in the new app … What’s 30% of $ 3.4 billion?

Perhaps more of an obstacle, there is still no way to make in-app payments with crypto. If OpenSea wanted to support buying and selling, it would have to build its infrastructure for USD payments and push more users to it. But part of the appeal of OpenSea is that it is a native crypto platform, heavily reliant on the Ethereum blockchain, giving people easier access to information about when an NFT was coined, who coined it, how. was marketed, etc. existing ecosystem of users if the startup pushed the platform to be more dollar-friendly.

In the OpenSea application, users can connect their profile, browse NFT, favorite NFT, search and filter NFT, and view collection and item statistics. When you view an NFT in the app, a button appears allowing you to share the NFT outside of the app. Rarible, another NFT market, launched a mobile app about a month ago. Like the OpenSea app, in the Rarible app, you can only browse NFT, not buy, sell, or trade.

Image credits: Open sea

OpenSea has yet to respond to TechCrunch’s questions about the company’s plans for the app, including whether users will one day be able to buy and sell NFT in the app. It wouldn’t be the first time crypto has been traded in an app, as even PayPal now allows you to pay with crypto. Instead, perhaps the app can offer a way to help new users get into the NFT space, giving them an easy and user-friendly way to explore NFT art without knowing anything about wallets, blockchains, or apes.

This application was released just days after an OpenSea executive was accused of exchanging NFT with inside information. The company announced on its blog Wednesday that the employee has give up.

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