OpenSea Launches New App for NFT Browsing

OpenSea Launches Mobile App – Browsing Only

A significant development has occurred for OpenSea, often referred to as the Amazon of the decentralized web. The platform now features dedicated applications for both iOS and Android operating systems.

For many businesses, the release of a mobile app represents a key achievement, typically occurring prior to reaching a $1.5 billion valuation. However, similar to any marketplace – regardless of whether it deals in NFT art or other goods – substantial fees are associated with transactions processed through app stores, be it on Android or iOS.

Transaction Fees and App Functionality

This is potentially the reason why OpenSea’s new app currently focuses solely on NFT browsing, rather than enabling actual buying or selling. In August, OpenSea facilitated $3.4 billion in trading volume across two million transactions. Considering Apple and Google’s 30% commission on in-app purchases, the cost of processing that volume through the app would have been considerable.

A further challenge lies in the current limitations regarding in-app cryptocurrency payments. To support transactions, OpenSea would need to develop infrastructure for USD payments and encourage greater user adoption of this method.

However, a core aspect of OpenSea’s appeal is its nature as a crypto-native platform, heavily reliant on the Ethereum blockchain. This provides users with transparent access to information regarding NFT creation, ownership history, and trading activity. Shifting towards a more dollar-centric system could potentially disrupt the existing user base.

App Features and Competitor Activity

The OpenSea app allows users to connect their profiles, explore NFTs, save favorites, conduct searches with filters, and view collection and item statistics.

A share button is available when viewing an NFT within the app, enabling users to share it outside the platform.

Rarible, a competing NFT marketplace, released a similar mobile app approximately one month prior. Like OpenSea’s offering, the Rarible app is currently limited to browsing functionality, excluding buying, selling, and trading.

Future Plans and Recent Events

OpenSea has not yet responded to inquiries from TechCrunch regarding future app development plans, including the potential for enabling in-app NFT purchases and sales.

It is worth noting that cryptocurrency exchange within apps is not unprecedented, as PayPal now supports crypto payments. The app could serve as a valuable tool for onboarding new users to the NFT space, providing a simple and intuitive way to explore digital art without requiring prior knowledge of wallets, blockchains, or related concepts.

The app’s release followed closely after accusations against an OpenSea executive regarding NFT trading using non-public information. The company announced on Wednesday that the employee in question has resigned.