opensea nft

Despite facing low trading volumes, stiff competition and potential regulatory challenges from the U.S. Securities and Exchange Commission (SEC), leading NFT platform OpenSea is not backing down.

Instead, the platform is gearing up for a significant overhaul, signaling a renewed commitment to the NFT space with the announcement of a planned December launch. Dubbed “OpenSea 2.0,” the new marketplace aims to regain its footing amid declining trading volumes and competition from Blur and Magic Eden.

What to expect from the new platform: Ordinals, rewards and more

OpenSea has released a teaser announcing its 2.0 release, which is expected to launch in 2024. The post also included a link to a waitlist for early access among its user base.

We’ve been working quietly on OpenSea. To truly innovate, sometimes you have to step back and reimagine everything, so we built a new OpenSea from the ground up. Sails high in December, OpenSea CEO Devin Finzer said at X.

Read more: Understand everything you need to know about OpenSea

OpenSea Pro co-founder Vaibhav “vasa” Saini hinted on Discord that the redesign will include support for Bitcoin Ordinals. However, he said that this will only be one aspect of the new platform. Additionally, speculation within the community suggests that the new features could also include leaderboards and rewards. However, this would only be targeted at users who own Gemesis NFTs — a collection offered to Gem users.

Will OpenSea add an Ethereum L2?

Following the teaser, some users speculated about the development of a layer 2 (L2) network to optimize transaction speeds and reduce costs.

While OpenSea hasn’t confirmed it, adding an L2 would be in line with recent moves by other projects. Decentralized exchange Uniswap, for example, launched its own network to improve the experience for its users.

Additionally, a token for the platform has been requested by the community. However, OpenSea is being closely monitored by the SEC. Launching a token could attract regulatory scrutiny, creating a risk that the company may want to avoid at this point.

In response to media inquiries, Finzer encouraged the community to wait until December 2024. He also emphasized that the OpenSea team has been focused on building something bigger and better for the Web3 community.

Read more: What are NFT trading cards?

OpenSea's upcoming revamp comes at a challenging time for the NFT market, which has seen declining interest and trading volumes in recent months. As a leading platform, OpenSea's new look could help revive industry enthusiasm by offering the community new features and incentives to engage with NFTs.

The article OpenSea CEO Promises Complete Overhaul by December 2024 appeared first on BeInCrypto Brasil.