OpenSea Transforms from an NFT Platform into a Cryptocurrency Trading Hub

The once-dominant NFT marketplace OpenSea is expanding beyond digital art trading to become a multi-chain cryptocurrency trading aggregator. The platform now allows users to trade any token, including NFTs, memecoins, and other cryptocurrencies. For liquidity aggregation, OpenSea uses decentralized exchanges (DEXs) like Uniswap and Meteora, charging a 0.9% transaction fee. Furthermore, the updated platform will use a non-custodial model, eliminating KYC checks. Instead of collecting user identities, the company will use blockchain-analytics firm TRM Labs to flag sanctioned or suspicious addresses.

The rebranding reflects the recent performance of OpenSea under CEO Devin Finzer’s management, which mirrors the profound impact of the crypto winter on the collectibles market. The company laid off more than half its employees after its monthly revenue plummeted from $125 million in January 2022 to $3 million at the end of 2023.

Data from CryptoSlam shows that in the first two weeks of October, OpenSea facilitated $1.6 billion in cryptocurrency transactions, with an NFT trading volume of $230 million (the highest monthly figure in the last three years). The Miami-based crypto project, which currently has around 60 employees, plans to roll out an OpenSea token through an independent foundation and launch a new mobile application as part of the campaign.

OpenSea CEO Finzer said his goal is to make trading “as intuitive as Robinhood, but fully self-custodial.”

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