As a seasoned crypto investor with a knack for spotting potential and navigating market ebbs and flows, I find the upcoming OpenSea platform upgrade intriguing, to say the least. Having weathered the NFT market’s ups and downs since its inception, I can attest to the resilience of this unique digital frontier.
As a researcher, I’m excited to share that in the coming December, OpenSea – the leading non-fungible token (NFT) marketplace – is set to unveil an upgraded, enhanced version of its platform. This move comes amidst a prolonged lull in the NFT market, indicating our commitment to pushing the boundaries and driving innovation even during challenging times.
In a November 4th Reddit post, OpenSea’s co-founder and CEO, Devin Finzer, stated that true innovation sometimes requires stepping back and visualizing things anew. Consequently, we constructed a completely new version of OpenSea starting from the ground level.
Option A: It was mentioned that the supposedly upgraded and advanced system is set to debut in December, yet no additional information was given. A URL posted by OpenSea on day X led to a sign-up page where users were asked to attach a cryptocurrency wallet.
According to DappRadar’s Communications Manager and Head of Content, ‘nederob’, there is “substantial excitement” or “a lot of buzz” regarding the new platform, as users might anticipate receiving an airdrop.
Given that the platform is headquartered in the U.S., he suggested that while a token airdrop might be improbable, it’s not entirely out of the question.
He speculated that new features could include account abstraction or “smart accounts.” NFT shared ownership, memecoin trading and minting, more chain integration, and SocialFi.
Over the past week, trading activity on OpenSea has significantly increased by around 60%, reaching over $50 million. This surge comes as NFT sales soared, DappRadar reports. The volume peaked at $15 million on November 2nd, but has been fairly steady since early 2022.
As an analyst, I’d rephrase it this way: I joined OpenSea back in 2017, but it wasn’t until the NFT craze erupted in 2021 that its user base really expanded. In January 2022, we hit a record trading volume of $5 billion, but unfortunately, since then, the NFT market has deflated, resulting in a dramatic drop in both trading volumes and revenue for our platform.
The monthly volume in October was a mere $46 million, representing a staggering 99% drop compared to its record peak, as reported by Dune Analytics.
The announcement comes after the US Securities and Exchange Commission hit the NFT marketplace with a Wells notice, a warning it could launch an enforcement action, which accused it of trading unregistered securities.
In his statement, Finzer from OpenSea expressed concern that focusing on NFTs could potentially limit creativity on a much larger scale, affecting approximately 200,000 digital artists and creators worldwide.
Over the past few years, the company has faced some challenging periods, resulting in job reductions in November 2023. This decision was made following Finzer’s announcement about realigning the workforce towards the development of “OpenSea 2.0.
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2024-11-06 07:34