OpenSea promises comeback for NFTs with new platform

OpenSea was the marketplace for non-fungible tokens (NFTs) in the summer of 2021. Since that one summer, however, the market for NFTs seems to have died completely. OpenSea now wants to change that with a new platform.

To innovate you sometimes have to take a step back

“To really innovate, you sometimes have to take a step back and rearrange everything. That’s why we built a new version of OpenSea from the ground up,” said OpenSea co-founder and CEO Devin Finzer.

He added that the new and improved platform will launch in December, without providing further details. A link shared by OpenSea on X sends people to a waitlist page, where there is a prompt to connect a crypto wallet.

DappRadar communications manager and head of content Nederob says on X that there is “serious hype” about the new platform, because users apparently expect something from an airdrop. Considering the fact that the platform is based in America, the chance of this seems small.

“Unlikely, but not unthinkable,” according to Nederob’s assessment.

What can we expect from the new OpenSea?

He also speculates about the possible new features that OpenSea wants to introduce with its new platform.

This includes shared ownership of NFTs, memecoin trading, the creation of memecoins, the integration of more blockchains and something he calls SocialFi.

In any case, trading volume on OpenSea has received a boost and is almost 60% higher compared to seven days ago. According to DappRadar data, trading volume for NFTs has reached more than $50 million this week.

On November 2, the volume shot up to $15 million, but since the beginning of 2022, trading volumes on the NFT market have leveled off considerably.

OpenSea had existed since 2017, but only received real attention in 2021. Of course, that happened during the NFT boom. Ultimately, OpenSea’s trading volume peaked at $5 billion in January 2022.

Since then, the NFT bubble has burst and volumes and turnover have plummeted.