Opensea launched the Beta OS2 version, a completely rebuilt version of its NFT market, and announced plans for Sea token. The Opensea Foundation confirmed this SEA They will be distributed based on the historical involvement of users, not only the latest action and that American users will be qualified. Although the release date was not provided, the Foundation emphasized that it focused on long -term sustainable development.
The NFT market struggled from the summit in 2022, with complete trade volumes fell below $ 9 billion in 2023. However, December 2024 was recorded the highest commercial activity for over a year. Opensea, once the dominant NFT market, met with the growing competition from the Blur, which introduced a competing token and reduced license fees for the creators. In response, OpenSea is working on regaining market share and recorded over $ 4 million in revenues in December 2024.
Director General Devin Finzer announced at the end of 2023 that Opensea would leisurely down half of the workforce to accelerate the launch of OpenSea 2.0. The updated platform introduces a 0.5%fee on the market, eliminates the exchange fees and integrates 14 novel blocks, including the Ethereum Layer-2 network, such as Soniaum and Apechain. Other changes include receiving blocked items, restoring the removed collection and reversing the bans that the company considers unnecessary. Finzer said that Opensea became “too corporate, too web2” and needed complete reset.
Firing the sea token It appears when American regulations pass on the administration of President Donald Trump. Since the office of the office on January 20, Trump has expressed interest in making the USA in the cryptocurrency industry and nominated Pro-Crypto figurines for key regulatory positions. Opensea faced legal control as to whether NFT on their platform qualifies as unregistered securities and the investigations are still ongoing. Launching the sea, a fungic token, may pay additional regulatory attention, but Trump’s administration has signaled plans to facilitate the enforcement of law.
The advertisement takes place after the Peng in December 2024, a token for Pudgy Punguins NFT Collection, which debuted with a market capitalization of $ 3.5 billion, but has dropped to around $ 620 million since then. Pulche Penguins Team did not determine the usability of the token, although Bybit suggests that it can play the role of management.
Opensea, supported by Andreessen Horowitz, generated almost $ 1 billion fees from launching in 2017. The company hopes that OS2 and SEA will assist revive their platform because it navigates regulatory challenges and recovery of the NFT market.
Opensea decreases its market structure to make it more decentralized and user -friendly, hoping to attract both novel and returning traders.
