Prominent NFT trading platform #opensea is looking to reinvent itself as trading volumes of non-replaceable tokens have dropped to their lowest level in more than three years.

On Monday, OpenSea CEO Devin Finzer posted a post to X talking about the new platform. “We've been slowly working on OpenSea,” he said. - To truly innovate, sometimes you have to take a step back and rethink everything. That's why we built the new OpenSea from the ground up.”

OpenSea also announced the new platform on its X account, saying it will launch in December. The marketplace also has a link to sign up for the waitlist. The announcement of the new platform follows almost exactly a year after OpenSea laid off half of its staff before Finzer said the company had begun work on “OpenSea 2.0.”

After being the dominant marketplace for NFTs for years, including during bull markets when tokens from popular collections like Bored Apes Yacht Club sometimes sold for millions of dollars, OpenSea was supplanted by newcomer Blur at the end of 2022. As the two sites fought for market dominance, overall trading volumes declined. OpenSea has recently managed to regain some of its market share, but according to The Block Data Dashboard, total trading volumes are at their lowest level in more than three years.

One trend that Blur's success over OpenSea seems to have demonstrated is that #NFT​ traders are increasingly interested in using platforms that offer more than just basic buying and selling functionality. Blur's success also suggests that traders want more sophisticated trading tools, while the platform attracts new users with rewards in the form of tokens.

OpenSea's redesign comes at a time when there appears to be little hope for NFT's growth. In January of this year, monthly NFT trading volume based on Ethereum's non-interchangeable tokens reached $868 million, before dropping to $300 million in June and $136 million last month, according to The Block Data Dashboard.

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