NFT Marketplace OpenSea Partners With Adobe

The largest decentralized NFT marketplace, OpenSea, has partnered with multinational software company Adobe Inc ADBE.

What Happened: In a Nov. 20 update, OpenSea revealed it had integrated Adobe in order to make “digital provenance easier to track.”

The new feature dubbed “Content Credentials” will give OpenSea users the ability to access features that texture and additional transparency to an item’s history.

The tool will allow Adobe users to connect their crypto wallets and verify their creations at source, with their identity information displayed to OpenSea buyers.

Artists can also attach attribution rights directly to a piece of work on Adobe Photoshop, which will be displayed on OpenSea when the creator mints an NFT.

“Working in tandem with market leaders like Adobe and the growing NFT community, we will keep providing features to increase trust and transparency across the metaverse,” stated OpenSea in a blog.

Earlier this month, OpenSea officially surpassed $10 billion in sales volume on its platform.

The platform has over 635,000 NFT traders and remains the most popular marketplace for Ethereum ETH/USD-based NFT transactions.

Its dominance could soon be challenged by Coinbase Global Inc COIN which announced plans to launch its own NFT marketplace in the near future. The U.S.-based crypto exchange has 68 million users and has already amassed more than 2 million users on its NFT platform waitlist.

Price Action: At publication Tuesday, Adobe shares traded 3.46% down at $650.24. Coinbase shares were down 1.35% over the same period, trading at $311.22.

Photo by Emily Bernal on Unsplash