NFT marketplace OpenSea is now positioning itself as a multichain aggregator for trading a wide range of cryptocurrencies beyond the realm of digital art, reports The Block.
The platform has opened access for users to trade any tokens, including NFTs, meme coins, and other virtual assets across 22 blockchains.
OpenSea aggregates buy and sell orders from decentralized exchanges like Uniswap and Meteora, charging a 0.9% fee.
The platform employs a non-custodial model and does not conduct KYC checks. Instead of user verification, it uses tools from the analytics company TRM Labs to flag addresses that are sanctioned or suspicious in terms of money laundering.
According to OpenSea founder and CEO Devin Finzer, he decided to shift the platform’s focus away from NFTs due to the prolonged downturn in the non-fungible token sector.
The company reduced more than half of its staff after monthly revenue fell from $125 million in January 2022 to just $3 million by the end of 2023. By that time, NFT trading volumes had declined by 90% from their peak in 2021. Additional pressure on OpenSea’s business came from losing dominance in the segment with the emergence of competitors like Blur and Magic Eden.
In the first two weeks of October, the platform’s crypto trading volume reached $1.6 billion, with NFTs contributing $230 million.
“You can’t argue with macroeconomic trends,” Finzer stated, commenting on the company’s business pivot.
According to DappRadar, NFT trading volume on Blur over the past 30 days was just $125 million. Forbes noted that the corporate X-account of OpenSea’s former main competitor and the account of its CEO Tieshun Roquer have been inactive since spring.
“In the crypto industry, there are people who come and go,” Finzer remarked.
The OpenSea founder stated that creating a trading aggregator platform logically leads to the launch of a token, which will be deeply integrated into the platform.
He confirmed that the issuer of SEA will be the independent OpenSea Foundation. TGE is set for the first quarter of 2026.
Half of the token supply will be distributed among the community. 50% of the revenue at launch will be directed towards buybacks of SEA to support its value and the growth of the ecosystem.
Back in September, OpenSea announced the creation of a $1 million reserve consisting of “culturally significant” NFTs.
