OpenSea promises to return with a new and improved platform in December
By ForGeeks NFT marketplace OpenSea is gearing up for a relaunch: the platform will be updated in December, despite the ongoing downturn in the NFT market. According to OpenSea co-founder and CEO Devin Finzer, the new version of the platform is built from the ground up to bring innovation and improve user experience.
The new platform and its features
On Nov. 4, Finzer published a post on X, stating that radical change sometimes requires “taking a step back and rethinking everything.” The post also included a link to a waiting page prompting users to connect a cryptocurrency wallet to sign up. Finzer did not disclose specific details of the updates, leaving users waiting for surprises and new features.
So far, Finzer has not disclosed specific details of the updates, leaving users waiting for surprises and new features.
According to predictions from DappRadar’s communications manager and head of content known as “nederob,” a certain amount of excitement is already building around the new platform as users anticipate a possible airdrop. However, given OpenSea’s jurisdiction in the US, he added that an airdrop of tokens is unlikely, but the possibility can’t be ruled out.
He added.
He suggested that the new platform could include features such as account abstraction, NFT co-ownership, memcoin trading and issuance, advanced blockchain integration and SocialFi elements.
Trading volumes and historical successes
On the back of the announcement, trading volume on OpenSea rose nearly 60% over the past week to $50 million, with NFT sales also increasing. On Nov. 2, trading volume was $15 million, though the numbers have remained relatively low since the start of 2022.
At the same time, trading volume was up nearly 60% to $15 million.
OpenSea was launched in 2017, but didn’t gain popularity until 2021 on a wave of interest in NFT. In January 2022, the platform reached a record monthly trading volume of $5 billion, but performance declined after the collapse of the NFT bubble. In October 2024, monthly trading volume was just $46 million, down 99% from the all-time high, according to Dune Analytics.
According to Dune Analytics.
Legal challenges and OpenSea reorganization
The announcement of the new OpenSea platform comes after the U.S. Securities and Exchange Commission (SEC) sent the company a Wells notice of potential enforcement action, accusing it of trading in unregistered securities. Finzer said the SEC’s action to regulate NFT would “stifle innovation on an even greater scale,” hitting hundreds of thousands of digital artists and content creators.
The SEC’s action would “stifle innovation on an even greater scale,” hitting hundreds of thousands of digital artists and content creators.
The company has fallen on hard times: in November 2023, OpenSea made staff cuts, and Finzer then announced a new strategic refocusing of the team on “OpenSea 2.0.”
