OpenSeawillrebuilditsplatformfromscratchandofferanewversioninDecember.TheNFTmarkethasopenedawaitinglistforitsnewsite.

OpenSeawilltakeastepbackandrebuildfromscratch.AnewversionoftheleadingNFTmarketplaceiscominginDecember.DevinFinzer,co-founderofthemarketplace,announcedthenewupcomingversionthathasbeencookingforawhile.

We\'vebeenquietlycookingat@opensea

Toreallyinnovate,sometimesyouhavetotakeastepbackandreimagineeverything

SowebuiltanewOpenSeafromthegroundup

SailsupinDecember⛵️https://t.co/HaU1bDm29S

—DevinFinzer(dfinzer.eth)(@dfinzer)November4,2024

OpenSeahasbeentalkingaboutbuildingversion2.0forthepastyear.Attheendof2023,theplatformlaidoffhalfitsstaffinabidtorestructureitself,butalsoasaresultofthestagnantNFTmarket.

TheupcominglaunchofthenewOpenSeaversionalsorenewedtheexpectationsoflaunchinganativetoken.Untilnow,OpenSeahasnothintedattokenizing,orpromisinganairdropforitsactivity.

Justbeforetheannouncementofanewwebsite,OpenSeaactivityspikedbriefly.Theplatformstillservesmorethan6Kdailyusers,withaturnoverof$820Kdaily.BasedonDappRadardata,theaverageNFTpriceonthemarketplaceis$130,whileBlurcarriesmoreexpensiveNFTwithanaveragepriceof$1.12K.MagicEdenhasalsotakenawaysomeofthevolumesfromOpenSea.

InOctober,NFTtradingwasjustabove$136M,slightlyhigherthantheprecedingmonth.Inthewholeof2024,volumesonEthereumhavebeensliding.TheadditionofBitcoin-basedOrdinalsdidnotoffsettheslideinEthereum.Solana-basedNFTsawarecoveryinOctober.TheoverallnumberofuniqueNFTbuyersalsoincreasedin2024.TheNFTmarketgainedanotherboostfromBase,whichaddedlow-costorfreeNFTaspartofitson-chainexpansion.

NFTsalesdeclinedinthesecondhalfof2024.|Source:Nonfungible

TheentireNFTmarketreacheditslowestpointsince2021inSeptemberandsparkedhopesofarecovery.InthewholeofOctober,NFTsalesreached$356Minvolumes,thoughwithasignificantshareofwashtradingandanoveralllossof$22Mfortheperiod.

TheageofexorbitantNFTsalesseemstobeover.However,theremaybeawayforliveliertrades,asNFTavatarsandsocialmediapresencearenotentirelyforgotten.Punksstillsellforasmuchas25.50ETHandretainafloorpriceabove25ETH.Thehighlyvaluablecollectionsareoftenheldbyexperiencedtraders,whoarewillingtowaitandhypeupthescarcityagain.

In-gameNFTslikeAxiesarestillchanginghandsandhavein-gameutility,aswellaspersonalcollectiblevalue.

NFTaimstorecoversalesactivity

NFTmarketplaceshavesincetakenahitasbothcollectionsandin-gameuseskeptdeclininginpopularityin2022.EventhetopcollectionslikePunksandBoredApeYachtClublostgroundandmovedtoamuchlowerfloorprice.Inthepastyear,NFTmanagedtorallyduringtimesofgeneraldemandforcryptoassets.

Punksandothertopcollectionscontinuetobeactive,andsomecommunitiesretaintheirNFTavatars.NFTsaleshavebeenslowingdownforthepastquarter,bothintermsofrawdealsandvalue.OpenSeaandBlurcompeteforthetopposition,thoughtheleadingplatformisstillatthetopwithahighernumberofdeals.BlurstillcarriesahigherEthereumvalue,withitsmoreexpensiveitems.

Punks,BAYC,PudgyPenguins,Azukis,andMiladyMakerremainstaplesintheNFTspace.SeveralcontenderslikeBitcoinPuppetsalsooutperformtemporarily.BAYCevencontinueswithnewmints,remainingapopularbrandforcryptotraders.

NFTrecoversaftermemetokenhype

TheNFTmarketservedasaprecursorofthememetokenhype.However,theimagesandavatarsweretooconfusingandtooexpensiveformassadoption.Themainideatoholdforthelongtermwasalsosomewhatsimilartomemecommunities.

ForNFTholders,theirinvestmentwasnotdivisible,andtheycouldnotbuyafractionofanNFT.Forthatreason,therushtomemetokenssurpassedNFTmints.Additionally,NFTtradingreliesoncentralizedmarketplacesandauctions.

Inthepast,NFTshavebeenlinkedtoadditionalairdrops,soitmaybepossibletolinkNFTswithmemeassets.

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