NFT marketplace OpenSea is set to launch a revamped platform in December, aiming to reinvigorate user interest amid a sustained downturn in the NFT market.
Announcing the upgrade on November 4, OpenSea co-founder and CEO Devin Finzer shared on X that the team “built a new OpenSea from the ground up.”
However, Finzer did not provide specific details about the new features, directing users instead to a waiting list where they could connect a crypto wallet.
OpenSea May Add New Offerings
The news has generated excitement in the NFT community, with speculation circulating about potential new offerings.
DappRadar’s communications manager, known as ‘nederob’ on X, noted the high level of anticipation surrounding the update, though he expressed doubt about the likelihood of a token airdrop due to OpenSea’s U.S. location, which could face regulatory challenges.
Instead, he speculated that the new platform might incorporate advanced features such as account abstraction, NFT shared ownership, and SocialFi, along with expanded blockchain integration.
The upgrade comes amid a modest uptick in OpenSea’s trading volume, which spiked nearly 60% over the week to surpass $50 million, with daily volume peaking at $15 million on November 2.
Despite this short-term increase, OpenSea’s trading volumes have remained far below their peak levels from the 2021 NFT boom.
At the height of the market in January 2022, OpenSea recorded $5 billion in trading volume, but activity has since dropped dramatically, with October’s volume down by 99% from the peak, according to Dune Analytics.
The platform’s relaunch follows a challenging period for OpenSea, including layoffs in late 2023 and regulatory pressure from the U.S. Securities and Exchange Commission (SEC), which issued a Wells notice to the company.
The SEC’s potential enforcement action, alleging OpenSea may have dealt in unregistered securities, prompted Finzer to warn that targeting NFTs could stifle innovation and harm digital creators.
NFT Market Rebounds in October
The NFT market bounced back in October with an 18% increase in sales volume, reversing a seven-month downward trend.
According to CryptoSlam data, NFTs saw a monthly volume of $356 million, up from September’s low of approximately $300 million, the lowest level since 2021.
NFT trading had been declining steadily since March, when monthly volumes peaked at $1.6 billion.
By September, the market had shrunk significantly, with volumes dipping 20% from August alone.
However, October marked a brief but notable recovery for digital collectibles.
October’s increase wasn’t just in dollar terms; transaction numbers surged as well, totaling 7.2 million for the month, a 42% jump from September’s five million transactions. Weekly data also indicated heightened activity.
The top-selling NFT collections last month were led by the Mythos Chain-based DMarket, which generated $33 million in sales over 30 days.
Immutable-based Guild of Guardians Heroes followed with a $13 million volume.
Popular Bitcoin and Ethereum-based collections, including Bitcoin Puppets, Bored Ape Yacht Club, and CryptoPunks, also recorded strong performances in October.
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