Non-fungible token (NFT) market OpenSea is about to launch a brand new model of its platform, as introduced by CEO Devin Finzer on November 4.
In a put up on X (Twitter), Finzer wrote, “We’ve been quietly cooking at @opensea,” including that the crew needed to “reimagine everything” and rebuild the platform “from the ground up.”
Whereas particulars of the brand new platform stay restricted, OpenSea plans to make it out there to customers in December, with a waitlist already open. Greater than 233,000 wallets have already signed up to this point.
Early consumer suggestions from these with beta entry has highlighted new options like a “Leaderboard” and “Reward” part, suggesting that OpenSea is incorporating gamified components and incentives into the platform.
The announcement follows a long-term technique that Finzer has referenced since late 2023, known as “OpenSea 2.0.” This initiative goals to boost safety and provide a extra customized consumer expertise.
To assist these adjustments, OpenSea underwent a big restructuring, which included a workforce discount of as much as 50%. This was the corporate’s second main spherical of layoffs; in July 2022, OpenSea had already lower about 20% of its workers, leaving it with roughly 200 workers.
OpenSea has confronted mounting challenges over the previous yr. Following the restructuring, funding agency Coatue Administration decreased its stake within the firm by almost 90%, which considerably impacted OpenSea’s valuation.
In Might 2024, OpenSea’s buying and selling quantity dropped to ranges not seen since April 2021, reflecting a cooling curiosity in NFTs. Moreover, regulatory points have elevated, with the SEC sending a Wells discover to OpenSea in August, indicating its view that NFTs on the platform could qualify as securities. In September, two customers filed a class-action lawsuit, claiming OpenSea offered unregistered securities.
In response to those authorized pressures, Finzer has been vocal in opposing the SEC’s stance. He dedicated $5 million to assist affected NFT creators and, in September, collaborated with Coinbase to ascertain a $6 million authorized protection fund. This fund, in collaboration with a16zcrypto and several other legislation companies, presents authorized help to creators navigating regulatory challenges within the NFT market.
