As soon as one of many largest NFT marketplaces and a staunch supporter of Ethereum’s ERC-721 protocol, OpenSea has determined to go multi-blockchain, conduct an Preliminary Coin Providing (ICO)-style airdrop, and attempt to recoup losses from its 98% decline in buying and selling volumes.
In an announcement right this moment, the trade mentioned it’s engaged on an airdrop of its new SEA tokens, remodeling its web site, and including deeper help for over a dozen blockchains.
OpenSea can be including help for cross-blockchain NFT purchases, reminiscent of shopping for a Solana NFT utilizing a non-Solana fee methodology. It’s additionally decreasing its market charges to 0.5% and swap charges to $0 for its OS2 Open Beta.
The trade achieved unicorn standing as an early startup, using a wave of buying and selling exercise that peaked at $476 million on Could 1, 2022, following the launch of Bored Ape Yacht Membership’s Otherdeed metaverse land.
At this time, buying and selling volumes have declined 98% from that determine and infrequently exceed single-digit hundreds of thousands.
Three years for the reason that glory days
On virtually each related metric, the multi-year decline is obvious. In January 2022, OpenSea boasted month-to-month NFT gross sales of over 5 million. By January 2025, nevertheless, gross sales have been down 80%.
OpenSea’s royalty charges have been $268 million in January 2022, but failed to achieve even $4 million final month.
The corporate is hopeful that its new ICO airdrop and platform redesign will assist it get well. OpenSea laid off 56% of its workforce after receiving a Wells Discover from the Securities and Alternate Fee (SEC) in August 2024.
That Wells Discover expressed concern about potential unregistered securities on the platform.
Learn extra: NFT wash commerce accounts for six.5% of day by day gross sales quantity on OpenSea
OpenSea has additionally confronted stiff competitors from different NFT marketplaces like Blur and Magic Eden. Magic Eden by the way noticed some success with including different NFT-supporting blockchains like Ethereum and Polygon after initially supporting solely Polygon.
This might clarify the trade’s resolution to incorporate a considerable variety of new blockchains in OpenSea 2.0.
Total, OpenSea is just struggling to take care of a multi-year decline in NFT recognition. Lately, most merchants merely choose fungible memecoins slightly than non-fungible media.
Its web site relaunch and token providing is unlikely to vary this world development.
