NFT News Today TheBittimes.com

OpenSea goes multichain after 98% drop in 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...

OpenSea, one of the world’s first and largest web3 marketplaces for non-fungible tokens and crypto collectibles, has received a legal notice from the United States Securities and Exchange Commission, claiming that non-fungible token collections on its market platform are illegal securities. The move is a big blow to creators, collectors, and other market players. SEC Issues A Wells Notice To OpenSea In an August 28 blog post, Davin Finzer, the co-founder and the chief executive officer of the OpenSea NFTmarketplacee, confirmed that they had been served with a legal notice by the United States Securities and Exchange Commission (SEC) that claims NFTs in its platform are securities. The fate of creators and artists now lies in the corridor of justice. OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities. We're shocked the SEC would make such a sweeping move against creators and artists. But we're read...

Devin Finzer, the CEO of OpenSea, a once $13 billion valued NFT marketplace, is now going long on NFTs as the platform is exploring new use cases. In an interview with Bloomberg, the OpenSea CEO said the platform wants to build the most compelling use cases for non-fungible tokens (NFTs) as its trading volumes keep falling. DappRadar data reveals that OpenSea’s trading volumes currently stand at approximately $3.5 million, trailing behind competitors like Blur and OKX NFT, which have volumes of $20.8 million and $4.4 million, respectively. Trading volumes among NFT marketplaces | Source: DappRadar Speaking of trading volumes, Finzer said the New York-headquartered startup tends to not focus “too much on kind of the short-term, marketplace dynamics,” adding that “trading volumes can be a little bit misleading at times” as OpenSea’s competitors incentivize activity with their tokens. You might also like: OpenSea CEO announces layof...