OpenSea NFT Marketplace Adds Bulk Purchase Feature, Details Here

OpenSea will let buyers add up to 30 NFTs, built on the same blockchain, to their cart and finalise the transaction at once.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 6 October 2022 13:45 IST

OpenSea NFT Marketplace Adds Bulk Purchase Feature, Details Here

Photo Credit: Unsplash/ PiggyBank

The NFT market is projected to be a $231 billion (roughly Rs. 18,41,300 crore) market

Highlights

Buyers and sellers will be able to list up to 30 NFTs
OpenSea has seen sales volume nosedive amid market volatility
The first two quarters of this year emerged to be rough

OpenSea, the biggest NFT marketplace, is now allowing users to list and buy up to 30 digital collectibles in one go. In case of bulk buying, OpenSea will let buyers add up to 30 NFTs, built on the same blockchain, to their cart and finalise the transaction at once. This would not only make the purchase of multiple NFTs seamless, but will also significantly reduce the gas fees deducted on all transactions as a service charge.

For creators looking to list up to 30 NFTs at once will also be able to use this new feature on OpenSea.

The NFT marketplace, launched in December 2017, posted an official announcement on this bulk buy-and-sell feature on Twitter.

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We're excited to :ship: this update & we'll keep you posted as we make more improvements to the buying & selling experience on OpenSea over the coming weeks! :blue_heart:
— OpenSea (@opensea) October 5, 2022

In recent times, OpenSea has seen sales volume on its platform nosedive amid market volatility.

According to crypto analytics community Dune data, OpenSea's trading volume hit a peak of around $5.8 billion (roughly Rs. 46,408 crore) in January. However, trading on the platform saw a steady declined throughout the first two quarters of the year, sliding to $3.1 billion (roughly Rs. 24,805 crore) in May.

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A separate analysis by Be[In]Crypto also reveals that Solana NFT volumes also saw a dip in June with sales volume figures of $91.52 million (roughly Rs. 732 crore) in June, down by 64 percent from $261.07 million (roughly Rs. 2,089 crore) in May 2022.

Amid dropping sales, OpenSea has been adding a bunch of new features on the platform.

Earlier in September, the NFT marketplace began ranking digital collectibles on the basis of their rarity. Named OpenRarity, this feature will enable collectors to find legitimately rare digital collectibles, that have been drowning in the sea of NFTs out there.

The NFT market will be a $231 billion (roughly Rs. 18,41,300 crore) behemoth by 2030 and it's too big a business to be ignored, believes, Tarusha Mittal, COO and co-founder of UniFarm said in conversation with Gadgets 360. UniFarm is a multi-token reward staking programme.

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Further reading: Cryptocurrency, NFT, OpenSea, Non Fungible Tokens

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More