OpenSea expands to multiple blockchains following a significant decrease in trading volume
Once one of the largest NFT marketplaces and a staunch supporter of Ethereum’s ERC-721 protocol, OpenSea has decided to go multi-blockchain, conduct an Initial Coin Offering (ICO)-style airdrop, and try to recoup losses from its 98% decline in trading volumes.
In an announcement today, the exchange said it’s working on an airdrop of its new SEA tokens, reworking its website, and adding deeper support for over a dozen blockchains.
OpenSea is also adding support for cross-blockchain NFT purchases, such as buying a Solana NFT using a non-Solana payment method. It’s also reducing its marketplace fees to 0.5% and swap fees to $0 for its OS2 Open Beta.
The exchange achieved unicorn status as an early startup, riding a wave of trading activity that peaked at $476 million on May 1, 2022, following the launch of Bored Ape Yacht Club’s Otherdeed metaverse land.
Today, trading volumes have declined 98% from that figure and rarely exceed single-digit millions.
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