I’d look at the large paper tapestries from Anthropologie - a total steal

Yes the previous owner had a tiny 120v electrical fireplace. Our new fireplace is a 65” 240v.

Pull the sofa out from both of the walls by at least 18" it or two feet. It looks a bit like it is being held hostage over there in the corner.

More attractive ceiling light fixture.

I don't think another long low piece of furniture is needed here. What about end tables on either side to place drinks or your phone? I'd find three large piece of art to frame and hang along the back wall.

I think the bronze wall will look a little odd directly across from another bronze wall. Like a sandwich. I could get behind painting the entire basement in that color though.

What a wonderful family area! I am usually a proponent of large colorful art, but for some reason I think hanging art involving your children would be perfect here. I thought of large oversized portraits in B&W might be the thing, but then I saw some in color that are nice, too. Then there are some galleries of children's art that could look great and kids LOVE having their art displayed. some ideas

Something less bland, but complementary, e.g.....