The end of the NFT era: OpenSea's trading volume has fallen by 95% and announced a "radical transformation" to upgrade from a digital art market to a multi-chain trading hub.

Once a symbol of NFT prosperity, OpenSea now faces a starkly different reality: interest in NFTs has experienced a big dump, with volume dropping by 90% to 95%, and investors are shifting their attention to Meme coins and derivations. In a bid for survival, OpenSea has chosen the path of “aggressive transformation”—transitioning from a digital image marketplace to a multi-chain encryption trading hub. Although OpenSea still maintains its top position as an NFT platform, the number of traders has decreased by nearly 84% to 8,400 people in the past month, and total sales have declined by over 40%, indicating a fundamental shift in its business model.

The Rise and Fall of the NFT Market: The Burst of the Speculative Bubble and the Exhaustion of Liquidity

The fate of OpenSea is a microcosm of the entire NFT industry from extreme frenzy to deep slump, highlighting the structural crisis of the market.

· The glory of the past is no more: From 2021 to 2022, OpenSea was synonymous with the explosive growth of NFTs, with collectibles like the Bored Ape Yacht Club becoming symbols of identity in the encryption community. The company once dominated the market, with monthly revenues reaching nearly $150 million.

· Volume experiences a big dump: As the frenzy subsides, NFT volume has collapsed by 90% to 95%, with most assets losing value and liquidity evaporating. This has led to massive layoffs at OpenSea and a sharp decline in revenue.

· Structural Crisis: The structural crisis facing the NFT industry stems from a lack of real utility, with the market mainly driven by speculation. When speculative demand disappears, the secondary market freezes, and major collectibles cease to develop. Tired of stagnation, investors shift their capital to the more volatile and higher volume memecoins and derivation sectors.

· User structure changes: In the past month, the number of traders on OpenSea has decreased by nearly 84%, indicating that the platform no longer relies on large-scale retail users, but rather shifts towards professional traders and collectors for occasional high-value transactions.

Battlegrounds: The Multi-Chain Trading Hub Transformation Journey of OpenSea

Faced with the reality that the old business model of digital image trading is no longer effective, OpenSea announced a comprehensive transformation.

· Farewell to the identity of the digital art market: OpenSea has essentially abandoned its identity as a traditional digital art market and has shifted to become a multi-chain trading aggregator.

· Expand asset and chain support: The new platform has connected to 22 blockchains and supports trading of all types of assets. This shift aims to extend the platform from pure NFT trading to a broader multi-chain encryption asset field.

· Attracting Professional Traders: By integrating a wider range of encryption assets and multi-chain infrastructure, OpenSea aims to attract professional traders seeking to trade efficiently across different chains and asset classes, in response to the current crypto market's preference for volatility and derivation.

Conclusion

OpenSea's radical transformation is a clear response to the NFT market's “speculative era's end.” Faced with the dilemma of a big dump in volume, the company decisively embraces multi-chain and diversified assets, attempting to reposition itself as a more resilient and core value trading hub in the encryption ecosystem. This transformation will test whether OpenSea can successfully shed its label as a digital art market and carve out new growth paths in the increasingly competitive multi-chain trading aggregator space.

Disclaimer: This article is for informational purposes only and does not constitute any investment advice. The crypto assets market is highly volatile, and investors should make decisions with caution.