As soon as one of the largest NFT marketplaces and an avid supporter of the ERC-721 protocol from Ethereum, OpenSea has decided to go multi-blockchain, to carry out an initial currency offer (ICO) style-airdrop, and try losses back To earn its 98% decrease in trade volumes.
In an announcement today, the stock market said it is working on an airdrop of its new sewer docks, re -edited his website and adds deeper support for more than a dozen block chains.
OpenSea also adds support for NFT purchases of cross-blockchain, such as buying a Solana NFT using a non-Solana payment method. It also reduces market costs to 0.5% and swap costs to $ 0 for its OS2 Open Beta.
The exchange achieved a unicorn status as an early startup, in which a wave of commercial activity was driven that reached a peak on 1 May 2022 at $ 476 million, after the launch of the Anthereed Metaferse country of the Bired Ape Yacht Club.
Today, Trade volumes have fallen 98% Of that figure and rarely exceeds millions.
Three years since the Glory Days
The fall of several years is clear on almost every relevant statistics. In January 2022, OpenSea had monthly NFT turnover of more than 5 million. However, sales fell by 80%by January 2025.
The Royalty Costs of OpenSea were $ 268 million in January 2022, but did not succeed in reaching $ 4 million last month.
The company is hopeful that its new ICO AirDrop and Platform Redesign will help restore it. OpenSea fired 56% of his workforce after receiving a Wells knowledge of the Securities and Exchange Commission (SEC) in August 2024.
That Wells -Knowledge expressed concern about possible non -registered effects on the platform.
Read more: NFT Wash Trade accounts for 6.5% of the daily sales volume on OpenSea
OpenSea has also had to deal with fierce competition from other NFT marketplaces such as Blur and Magic Eden. Magic Eden saw some success in adding other NFT supporting block chains such as Ethereum and Polygon after initially Support for polygon only.
This could explain the decision of the exchange to include a considerable number of new block chains in OpenSea 2.0.
In general, OpenSea simply struggles to tackle a multi -year fall in the popularity of NFT. Nowadays, most traders simply prefer fungible memecoins instead of non-fungal media.
The range of the website again launch and token will probably not change this global trend.