OpenSea pivots to multi-chain crypto trading hub after NFT boom goes bust: report

Following the collapse of the NFT market, former dominant marketplace OpenSea is pivoting to become a multi-chain crypto trading aggregator, allowing users to trade NFTs, memecoins, and other cryptocurrencies across 22 blockchains. The platform aggregates liquidity from decentralized exchanges like Uniswap and charges a 0.9% transaction fee while operating under a non-custodial model that avoids KYC checks, relying instead on TRM Labs for compliance monitoring. This strategic shift, under CEO Devin Finzer, follows massive layoffs after revenue plummeted from $125 million in early 2022 to just $3 million by late 2023. OpenSea aims to capture the current crypto trading environment, planning to launch a native token and a new mobile app for "OpenSea 2.0," with the goal of making trading as intuitive as Robinhood but fully self-custodial.

(Source：The Block)