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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.
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.
The news has generated excitement in the NFT community, with speculation circulating about potential new offerings.
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.
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 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.
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.
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.