OpenSea goes multichain after 98% drop in volume
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...