OpenSea trading volume hits 3-month high as platform hints at major updates
OpenSea aims to regain supremacy
As the cryptocurrency market experiences growth, sales of digital art and collectibles are also on the rise. OpenSea, the leading NFT marketplace during the 2021 boom, is regaining momentum.
According to The Defiant, OpenSea recorded $7.5 million in trading volume over the past three days, marking its best three-day performance since July 2024.
The renewed interest is fueled by rumors of platform updates. On November 4, OpenSea teased a marketing campaign on social media, hinting at the launch of a "New OpenSea" in December 2024. On November 13, reports suggested the platform might announce plans to release tokens.
Speculation around the December update points to the potential inclusion of a points farming system, similar to that of its rival Blur. However, OpenSea CEO Devin Finzer dismissed these comparisons, emphasizing that the update would "definitely not be Blur 2.0."
NFT fans are waiting for new products
Some users have already noticed changes, including a revamped homepage featuring price trends of top collections and a leaderboard that may be tied to a points system.
OpenSea was the market leader among NFT marketplaces during the 2021 NFT craze but later ceded its dominance to Blur, launched in 2022. Blur gained favor by offering advanced market analysis tools, facilitating active trading, and rewarding its most engaged users with token distributions.
Currently, Blur holds a 48% share of the NFT sales market, while OpenSea trails at 18%.
According to CryptoSlam, total NFT sales in October rose by 18% to $356 million. Transaction volume also surged, increasing by 42% to $7.2 million compared to $5.1 million in September, reflecting renewed interest in digital collectibles.
