The once-dominant NFT market OpenSea is increasing past digital artwork buying and selling to change into a multi-chain cryptocurrency buying and selling aggregator. The platform now permits customers to commerce any token, together with NFTs, memecoins, and different cryptocurrencies. For liquidity aggregation, OpenSea makes use of decentralized exchanges (DEXs) like Uniswap and Meteora, charging a 0.9% transaction payment. Moreover, the up to date platform will use a non-custodial mannequin, eliminating KYC checks. As a substitute of amassing person identities, the corporate will use blockchain-analytics agency TRM Labs to flag sanctioned or suspicious addresses.
The rebranding displays the latest efficiency of OpenSea below CEO Devin Finzer’s administration, which mirrors the profound impression of the crypto winter on the collectibles market. The corporate laid off greater than half its workers after its month-to-month income plummeted from $125 million in January 2022 to $3 million on the finish of 2023.
Information from CryptoSlam exhibits that within the first two weeks of October, OpenSea facilitated $1.6 billion in cryptocurrency transactions, with an NFT buying and selling quantity of $230 million (the very best month-to-month determine within the final three years). The Miami-based crypto challenge, which presently has round 60 workers, plans to roll out an OpenSea token by an unbiased basis and launch a brand new cellular software as a part of the marketing campaign.
OpenSea CEO Finzer mentioned his objective is to make buying and selling “as intuitive as Robinhood, however absolutely self-custodial.”
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