- OpenSea is set to undergo an overhaul.
- The planned revamp has been a long time coming.
- The announcement has sparked considerable speculation.
Despite declining volumes compounded by stiff competition and the threat of an enforcement action from the SEC, leading NFT marketplace OpenSea is not looking to throw in the towel anytime soon. On the contrary, the project is doubling down.
Sponsored
Recently, the platform has teased a complete revamp. Here’s what we know.
OpenSea Reimagined: Ordinals, Rewards and More
OpenSea is set to undergo an overhaul. On Monday, November 4, the project dropped a teaser video with the caption “A new OpenSea is coming. December 2024” with a link to a waitlist for interested users.
Commenting on the development , OpenSea CEO Devin Finzer asserted that the platform had been completely reimagined.
“To really innovate, sometimes you have to take a step back and reimagine everything. So we built a new OpenSea from the ground up. Sails up in December,” he wrote.
According to OpenSea Pro founder Vaibhav “vasa” Saini, the planned overhaul is the result of a year-long effort . Discord chat screenshots circulating on X suggest that the OpenSea Pro co-founder has hinted that the new platform will feature support for Bitcoin Ordinals, adding that it would be “the least interesting” part of the revamped platform.
In a separate message , vasa hinted at potential rewards for Gemesis NFT holders. The Gemesis collection was launched as a reward for users of Gem, which rebranded into OpenSea Pro. Meanwhile, Azuki Researcher “waleswoosh” has also shared the discovery of a leaderboard and rewards tab in the beta version of the platform.
To confirm these details, DailyCoin reached out to OpenSea and vasa. In response to DailyCoin’s request for comment, however, OpenSea’s Finzer urged users to wait until December 2024.
"Our team has been heads down, building a new OpenSea from the ground up to give the web3 community something amazing. We're excited to share more with the community in December," Finzer stressed.The recent OpenSea teaser has unsurprisingly sparked a flurry of speculation, even as some users voice strong opinions on what they would like to see in the new platform.
Another Ethereum Layer 2?
One predominant speculation that has followed OpenSea’s teaser is that the project could be planning to launch an Ethereum Layer 2 chain . While there is currently no indication of this, it would not be surprising, as it has become a popular move for projects in recent times, the most recent to announce plans to take this route being leading DEX Uniswap .
Beyond these Layer 2 speculations, several users have called for the inclusion of a token in the revamped platform.
“You know the drill guys. Token or gtfo. With love,” one user posted .
With the project already in the SEC’s crosshairs, however, it is unclear if a token launch at this time would be a wise choice from a legal standpoint.
On the Flipside
- Much of the details regarding OpenSea’s planned overhaul have yet to be revealed.
- The OpenSea teaser comes at a time when the NFT market continues to struggle due to declining interest.
Why This Matters
OpenSea is one of the leading NFT marketplaces. A revamp of the platform could usher in some much-needed excitement in the NFT market.
Read this for more on OpenSea:
OpenSea Fights SEC Threat, Urges Commission to “Come to Its Senses”
See how the crypto market is reacting ahead of election day:
Crypto Market Idles in Likely Calm Before Election Day, FOMC Storm
