Previously dominant in the market NFT area OpenSea is transforming into a multi-chain cryptocurrency trading aggregator, expanding beyond digital art trading.
The platform now allows users to trade any tokens, including NFT, memecoins, and other cryptocurrencies. For liquidity aggregation OpenSea uses decentralized exchanges Uniswap and Meteora, charging a 0,9% transaction fee.
Furthermore, the updated platform will use a non-custodial model and eliminate KYC checks. Instead of collecting user credentials, it will use data Block- analytical company TRM Labs for marking sanctioned or suspicious addresses.
Rebranding OpenSea Under CEO Devin Finzer, the company’s recent performance reflects the profound impact of the crypto winter on the collectibles market. The company laid off more than half its workforce after monthly revenue fell from $125 million in January 2022 to $3 million by the end of 2023.
Cryptoslam data
Right now, in the first two weeks of October OpenSea processed $1,6 billion in cryptocurrency transactions and NFT- transactions worth $230 million (the highest monthly figure in three years).
The Miami-based crypto project, which currently has around 60 employees, plans to withdraw token OpenSea through an independent foundation and launch a new mobile app as part of the campaign «OpenSea 2.0,” Finzer said his goal is to make trading “as intuitive as Robinhood, but completely self-service.”