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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