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OpenSea Set for Major NFT Platform Upgrade
https://ift.tt/K4UJs8i
Although the details are under wraps, OpenSea’s co-founder and CEO, Devin Finzer, shared on social media that they have “reimagined everything.”
He said they are building a better platform from scratch. This news comes as NFT trading has slowed down significantly compared to the high point it reached just a couple of years ago.
A New Platform, Built from the Ground Up
In his post on X (formerly Twitter), Finzer said that to really make things better, they had to take a step back and look at the big picture. OpenSea’s team has worked to create a “new OpenSea” that they believe will be better for users. For now, they haven’t shared exactly what’s new, but the launch is set for December.
On X, OpenSea shared a link to a waiting list page, where users can sign up by connecting their crypto wallet. This move suggests OpenSea is gearing up for a big launch and is likely building some excitement among NFT fans.
We’ve been quietly cooking at @opensea
To really innovate, sometimes you have to take a step back and reimagine everything
So we built a new OpenSea from the ground up
Sails up in December
https://t.co/HaU1bDm29S
— Devin Finzer (dfinzer.eth) (@dfinzer) November 4, 2024
What’s the Buzz About?
Some in the NFT community, like the communications manager at DappRadar, are saying there’s “serious hype” around the new OpenSea. Some users are even hoping for an airdrop — which is when a platform gives away free tokens to get more people interested.
However, since OpenSea is based in the U.S., it’s a bit of a long shot that they’ll offer a token drop, though it’s not completely out of the question.
OpenSea announced its 2.0 version is coming in December. There’s already like 250,000 people on the waitlist.
That’s some serious hype!
Why? Perhaps people are expecting an airdrop?
Trading volume on OpenSea pumped 62% in the past 24 hours. Reaching $5.15 million.… https://t.co/BnSMd2qclE pic.twitter.com/fnTV9w5IKR
— nederob.eth
Ro₿ert Hoogendoorn (@Nederob) November 5, 2024
People are also guessing what new features OpenSea might add. Some think it could include “smart accounts,” where users can manage accounts more easily, or shared ownership of NFTs, where more than one person can own a piece of an NFT. Others expect more chain integrations, memecoin trading, and SocialFi features.
NFT Trading on the Upswing?
Interestingly, OpenSea saw a boost in trading last week, with NFT sales jumping nearly 60% to $50 million, according to DappRadar. For a platform that once saw monthly trading volumes as high as $5 billion in early 2022, this boost could signal a positive shift — but there’s still a long way to go.
Source: Dune Analytics
Since launching in 2017, OpenSea hit its peak during the NFT craze in 2021, but trading volumes have cooled off significantly since then. In October, OpenSea’s monthly volume was just $46 million, a sharp drop from the $5 billion peak.
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November 6, 2024 at 05:51AM
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