By Philip Maina
4 weeks agoWed Nov 06 2024 12:05:22
Reading Time: 2 minutes
- OpenSea plans to recreate the NFT marketplace and relaunch it next month
- OpenSea CEO Devin Finzer said they’ve “been quietly cooking” the new platform
- Finzer didn’t disclose what features they intend to add or remove from the marketplace
Two months after receiving a Wells Notice from the SEC , NFT marketplace OpenSea has revealed plans to revamp the platform. Although it’s yet to disclose the features or the point of focus for the new platform, its CEO Devin Finzer said they’ve “been quietly cooking” and rethinking the marketplace. The NFT marketplace has been losing its lead in the NFT market with its monthly NFT trading volume dipping by roughly 90% something that may push it to reinvent the platform in an attempt to reclaim its glory.
Users Want More Bitcoin NFTs on OpenSea
In an X post, Finzer hinted that they are building the marketplace from the ground up, adding that this option allows them “to really innovate.” Finzer revealed that the new OpenSea is scheduled for launch next month.
According to some community members who commented on Finzer’s post, the new marketplace should support, among other things, more bitcoin NFTs, which they lamented the platform has taken too long to add.
The revamp comes at a time when the collectibles exchange is facing stiff competition from other marketplaces like Blur and Magic Eden. Apart from dwindling activities on the platform, OpenSea is also facing a backlash from users.
A Dropping Market Share Is Only One of Its Problems
A month ago, for example, two OpenSea users sued the exchange for offering unregistered securities, something that the United States securities regulator also wants to investigate. The two users said that the NFTs on the platform are valueless and illegal.
The planned revamp comes nine months after OpenSea revealed that it’s open to acquisition offers, but clarified it’s not actively seeking acquisition. It also comes at a time when the NFT market is experiencing a prolonged slump that has caused NFT sales volumes to drop to 2021 lows.
Although OpenSea didn’t disclose the actual features of the new platform, it’s likely that it’ll strive to create a compliant platform and support more chains.
