OpenSea, the Andreessen Horowitz-backed NFT platform, has unveiled a new version of the protocol in beta, according to social media posts. The company also teased a new $SEA token.
OS2, as the revamped protocol is called, is a “fully reimagined product built entirely from the ground up, for collectors and pro.”
The move comes amid continually shrinking interest in non-fungible tokens, an asset class that dominated mindshare during the pandemic-era bull run.
In 2023, for instance, there were less than $9 billion in cumulative NFT trade volumes, lower than the two best months in 2022 combined.
While volumes and floor prices are still well off their all-time highs, signs are looking up. December 2024 was the best month for NFT trading in well over a year, The Block’s trading data shows.
OpenSea emerged as the dominant NFT exchange during the last bull run, but was vampire attacked by a decentralized alternative, Blur, which in 2022 launched a token and drastically reduced “royalty fees” paid to NFT creators.
In late 2023, OpenSea CEO Devin Finzer announced the company would fire half of the exchange’s employees in a bid to double down on launching “OpenSea 2.0.”
That said, OpenSea has been regaining market share. And while Blur still sees proportionally more trades, OpenSea appears to be earning more revenues. It brought in over $4 million in revenues in December, its best month in years, according to The Block’s data. OpenSea receives a 2.5% fee on secondary sales and between a 2.5% and 10% fee on mints from primary drops.
OS2 will apparently reduce the exchange’s cut to 0.5% in marketplace fees and 0% in swap fees, the team wrote. It will also integrate 14 new blockchains, including several Ethereum L2s, like Sony’s Sonieum and Bored Ape’s Apechain as well as newer launches like Berachain.
In an X post, the OpenSea Foundation noted the SEA airdrop will be weighted towards “historical OpenSea usage, not just recent activity.” U.S. users will also be eligible.
"We’re focused on long-term sustainability and supporting a healthy, enduring community,” the foundation wrote. “No details on timing yet. We’re taking the learnings from this space and getting it right."
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