NFTs are dead, or are they? OpenSea is doubling down on NFTs and listening to their customs. In October they are launching a Creator Studio which will house expansive tools for creating, managing, and analyzing their client’s NFT projects. These no-code tools will allow users to launch drops for their community to mint, and mint items directly to their wallet. Down the road they’ll be adding features that will make an NFT’s homepage on OpenSeas more closely resemble a minting site that NFT projects typically create and host on their own.
This consolidation of services is a long time coming, but the timing of their Creator Studio during this crypto winter when bluechip NFT collections have seen some of their values decrease by 90% seems a little off. What took OpenSeas so long, and why now? My thought is that other NFT marketplaces have been removing creator’s royalties to make their exchange’s NFT’s prices more competitive, so I think OpenSeas is siding with creators to offer them more tools to keep them loyal to their platform, but that’s just my take. A recent study examining more than 73,000 NFT collections found that 95% had a market cap of 0 ETH (so essentially worthless for non-crypto speaking people). Crypto winter may be here to stay.