OpenSea Announces Upcoming 2.0 Overhaul Launching December 2024
OpenSea announced a potential “new OpenSea” set to launch in December 2024 via a cryptic tweet. A waitlist for the new version has attracted approximately 308,000 wallet sign-ups.
Speculation suggests an OpenSea token airdrop may be in the works, although the platform has historically indicated a preference for an IPO route. Among major NFT marketplaces, OpenSea remains the only one without a launched token, while competitors like Blur, LooksRare, X2Y2, Tensor, and Sudoswap have active tokens. Magic Eden plans to release its own token in August.
A user leaderboard tracking rewards was identified in OpenSea’s private beta, further fueling speculation. However, with total NFT market caps down around 97% from 2022 highs, launching a token now may not significantly impact OpenSea's standing.
Magic Eden has shifted focus to fungible token trading for BTC and ETH, implementing a mobile-centric strategy. Tensor continues to develop its NFT product, maintaining weekly trading volumes of $3 million to $6 million on Solana. In contrast, many other NFT marketplaces report minimal daily trading volumes.
OpenSea's year has been challenging, facing stiff competition from Blur, reducing its workforce by 50% in November 2023, and receiving a Wells notice from the SEC alleging its NFTs qualify as securities. Further information on OpenSea 2.0 is expected at Devcon next week.