OpenSea Is Remaking Itself Into A Crypto Trading Aggregator
The crash of the NFT market led OpenSea to fire more than half of its staff. But the startup has reinvented itself into a place for buying and selling all tokens, especially memecoins, and trading volume is surging once again.
Ascrypto receives a warm embrace in Washington and token prices rise to new levels, some once-hot digital asset sectors like NFTs continue to languish. Few firms have suffered the brunt of NFTs’ collapse more than NFT specialist OpenSea.
Starting in mid-2022, the market for digital art represented by these unique, nonfungible tokens–from CryptoPunks to Bored Apes—experienced a spectacular fall, declining by more than 80%. By October 2023, OpenSea, the once-dominant venue for buying and selling NFTs, was…
