OpenSea, the largest marketplace for non-fungible tokens (NFTs) and crypto collectibles, has announced that it will permit users to make bulk listings and purchases through a single flow
The OpenSea digital marketplace faces competition following the sprouting up of many NFT platforms seeking to attract users in the growing market. The company posted several tweets on October 5, saying it will allow users on the platform to bulk list and purchase up to 30 digital collectible items through a single flow.
For bulk buying, users will have to add a maximum of 30 items from the same chain into their cart before completing their purchases using a single transaction. The changes are expected to lower costs linked to gas fees while making the process user-friendly and more convenient.
Moreover, bulk listings will also be available through a single click, where the sellers can select up to 30 items and list them at once. Users can make these bulk listings on the collected items icon.
“In your collected items tab, you can access bulk listings by clicking on the ‘+’ symbol when you hover over an item card or by clicking ‘list for sale’ in the ‘More Options’ drop-down. You’ll then be able to select up to 30 items to list at once,” the company explained.
OpenSea launches a series of new features
As aforementioned, the OpenSea marketplace has been facing growing competition from other platforms. In September, the platform unveiled a new immersive project targeting creators. The initiative sought to allow creators to release their NFT collections through their own customizable and dedicated drop pages.
The objective behind the project is that it will support greater visibility and make the market easily discovered on the new homepage of the marketplace. The initiative aims at making the marketplace user-friendly to creators.
During the same month, Warner Music Group, a global music entertainment company, unveiled a partnership with OpenSea to launch a platform where select artists can create and extend their music fanbase within the Web3 community.
The changes on OpenSea in recent weeks come when the platform’s volumes have been on a steep downtrend. OpenSea has deported notable dips in daily and monthly transactions.
The number of transactions processed by the network has also plunged in recent months. On May 1, the platform was processing $405.75 million in transactions, but this has since dropped to $5 million worth of NFT transactions on August 28. The plunging volumes on OpenSea come at a time when the floor prices of different cryptocurrencies have declined.