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Non-fungible token marketplace OpenSea will introduce a new platform next month, as revealed in the latest update on Monday, November 4.
OpenSea CEO Devin Finzer announced the timeline for the launch on x and stated that the nft platform has been reinvented with a new OpenSea built from the ground up.
This announcement comes a few weeks after the nft marketplace received a Wells Notice from the US Securities and Exchange Commission about what's next for the platform, Finzer x.com/dfinzer/status/1853462725742985713″ target=”_blank” rel=”nofollow”>noted:
“We have been cooking quietly at OpenSea. To truly innovate, sometimes you have to take a step back and reimagine everything. So we built a new OpenSea from scratch. “It sets sail in December.”
Founded in 2017, OpenSea was established as the world's first peer-to-peer marketplace for non-fungible and collectible digital asset tokens. The project thrived as the nft ecosystem flourished during the last bull market, with significant growth taking volumes to new heights.
However, recent years have included a steady decline in sales volumes, a situation made worse by the bear market. OpenSea reduced its workforce by half in November 2023, and the platform revealed plans for an 'OpenSea 2.0'.
While there has been renewed interest in nfts, OpenSea recently received a Wells Notice from the SEC, adding to its challenges.
The Wells Notice indicates that the regulator may take legal action against the platform, potentially considering nfts as securities. In September, a16z crypto and OpenSea collaborated with the Stand With crypto initiative to introduce a legal nft fund.
Despite these challenges, the launch of the new platform has been in the works since the initial announcement, and Finzer's post about x has sparked excitement within the community.
According to OpenSea, a waiting list is now open ahead of launch.
