OpenSea‘s co-founder and CEO, Devin Finzer, shared hints about the upcoming changes on X platform on November 4. Finzer stated, “To truly innovate, sometimes you have to take a step back and rethink everything,” and mentioned that they have redesigned OpenSea from the ground up. He confirmed that they will launch the platform in December but did not provide further details. The link shared by OpenSea on X directs users to a waiting list page where they can register by connecting their crypto wallets.

DappRadar’s Communications Manager and Head of Content, ‘nederob,’ expressed that the new platform has generated significant excitement. Nederob stated that users are expecting an airdrop and added that while the likelihood of OpenSea conducting an airdrop is low, it is not entirely impossible, considering that the platform is based in the United States.

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The new platform may include features such as account abstraction or “smart accounts.” Additionally, shared NFT ownership, memecoin trading, minting, further blockchain integration, and SocialFi may also await users.

During this period, OpenSea‘s trading volume saw a significant increase. According to DappRadar, the platform’s trading volume rose by 60% over the past week, surpassing $50 million. With the rise in NFT sales, the trading volume reached $15 million on November 2. However, the volume has remained relatively stable since the beginning of 2022.

Founded in 2017, OpenSea gained its popularity during the NFT boom in 2021. The platform reached a trading volume of $5 billion in January 2022, but following the burst of the NFT market bubble, it saw a significant decline in trading volume and revenue. In October, OpenSea‘s trading volume dropped to just $46 million, which is 99% below its all-time high. According to Dune Analytics, the drop reached notable levels.

Additionally, OpenSea is going through a tough period after the U.S. Securities and Exchange Commission (SEC) issued a Wells notice to the NFT marketplace. The SEC has accused OpenSea of trading unregistered securities and warned the platform of potential enforcement action.

At the time of this announcement, Finzer stated that targeting NFTs would have a significant negative impact on digital artists and creators. He emphasized that this move could lead to a broader innovation barrier.

OpenSea has faced challenges over the past two years. In November 2023, Finzer announced that the company was restructuring around “OpenSea 2.0” and laid off some employees.

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