OpenSea Has New Feature To Help Sell Multiple Non-Fungible Tokens (NFT) At Single Price
OpenSea, a startup dubbed an “eBay for CryptoKitties,” has announced the release of a new feature that allows users to sell multiple Non-fungible tokens, or NFT at a single fixed price.
Non-fungible tokens are the cryptographically rare digital items CryptoKitties made famous. OpenSea is looking to go beyond just NFTs to become a platform for blockchain-based collectibles, according to Devin Finzer, co-founder of OpenSea.
OpenSea has attracted funding from investors like Founders Fund and Coinbase Ventures.
Finzer said they think sellers often struggle to accurately price their items, and bundles allows them to price a bunch of items together when the value of each individual item is unclear.
Like sales of single items, bundles can either be sold at a fixed price or auctioned.
OpenSea said the new feature will improve the growing ecosystem surrounding crypto collectibles further. It said it believes a big driver of these new economies is a robust, easy-to-use toolset for buyers and sellers. Bundling is one of those tools.
The bundling concept will help users get more value for the less-sought-after collectibles.
Finzer said he spoke to users who have crypto collectibles that aren't even worth the ethereum gas it would cost to sell them individually. As such, the ability to sell groups of items through bundle is helpful.
Even more so as some crypto projects are creating classes of NFTs that might only make sense to sell in bundles. For example, Finzer said the bundle feature could help one of its partners, Etheremon, which recreates the Pokemon Go experience.
Users can earn special crystals and power-ups by going on quests since each user might have a ton of those items, bundling is really helpful, Finzer added.
Any new ERC-721 project will be able to sell bundles on OpenSea. For companies using OpenSea's API to put items into its marketplace, bundles will work through that interface as well.
Plus, OpenSea respects custody; users can play with bundled items on sale up to the moment they transfer ownership.
Users are said to be enthusiastic about the new bundle feature after testing during its beta phase.
Finzer said, there's also recently been a lot of excitement about the bundling feature in the MLB Crypto Baseball Discord. There's already a bundle listed with three entire MLB baseball teams in it.