All you need to know about buying and selling NFTs on the biggest NFT marketplace in the world
OpenSea was the number one marketplace for NFT trading, lost its position to Blur and Magic Eden, and made a comeback. Now the NFT marketplace is revamping itself with a complete makeover, bringing new features to table. In this article we look at those features, the potential of a token airdrop, and discuss how you would be able to benefit.
With almost 6 million wallets trading and close to $38 billion in trading volume, OpenSea has become the leading marketplace for NFTs. Over the years it has gotten serious competition from Magic Eden, Blur, OKX Marketplace, and various others. NFT trading moved from Ethereum to a plethora of other chains, including Polygon, Immutable, and of course Solana. OpenSea couldn’t keep up with these new developments and lost its leading position, only to make a comeback in early 2024.
At the time of writing, OpenSea processes the most NFT sales and the highest volume. How much? Over 1 million sold NFTs in the past 30 days, good for $216.8 million in volume. These are numbers from the first days of November 2024, and please visit the Marketplace Rankings to get a better idea about the current market.
In December 2024 OpenSea will launch its 2.0 version, built from the ground up. In this article we will take a look at all that we know, and we speculate about possibilities. Likeliness of an airdrop is increasing, thanks to the latest rumors.
Last update: 11 November 2024
Features that are likely to come to OpenSea 2.0
- Users can earn XP or points through actions on the new OpenSea platform
- Users can get a boost to their XP earnings, possible through activity or by holding a certain NFT
- There will be a leaderboard with the most active users
- A leaderboard will also mean that there will be rewards, either through an airdrop or other prizes
- Gemesis NFT collection will gain utility on the new marketplace, but the size of the impact is unknown
- There will be support for a bigger amount of chains
- OpenSea 2.0 will be more than a NFT marketplace, broadening its scope
Possible new features for OpenSea 2.0
We already mentioned OpenSea broadening its scope. Below are some features that could potentially be introduced to the OpenSea community.
- OpenSea 2.0 could introduce a launchpad for tokens, broadening their scope from NFTs to fungible assets.
- There are also rumours about NFT fragmentation making a comeback
- The success of Pump.fun has not gone unnoticed, and could mean the introduction of a token launchpad. This could potentially also be tied to NFT fragmentation.
- OpenSea 2.0 will use Account Abstraction to allow users to simply login using with social media handles or Google accounts
- With the improved user experience from Account Abstraction, an integration with a liquidity layer could make NFT trading easier for everybody. A collaboration with Unichain is therefore a possible solution.
- SocialFi elements could make an introduction to OpenSea, potentially collaborating with Farcaster or Lens Protocol
OpenSea token airdrop
This has not been confirmed, but OpenSea still doesn’t have its own token. The NFT marketplace is under investigation of the SEC, which could make the introduction of a token a bit of a challenge. Perhaps the Trump victory will ease things moving forward.
Anyway, rumors about an OpenSea token airdrop have popped up again. Users earning XP and competing on a leaderboard, could enable a point system for a potential airdrop. However, this is everything but confirmed.
JohnWeth, a beta test and early OpenSea user, suggests that there will be retroactive rewards for OpenSea traders. Making the rumours about a token even stronger.
How to farm the OpenSea airdrop
Let’s say OpenSea announced a token, how would you be able to farm it?
- Historical activity on OpenSea will be one of the key components. Trading NFTs during the hype months, but also during the depth of the bear market.
- Wallets that have contributed to the platform’s revenue by paying fees, could get a boost.
- Obviously, moving forward, listing, buying and selling NFTs will help you earn XP and possible that OPEN token airdrop.
- Certainly make sure you subscribe to the OpenSea 2.0 waitlist, just in case.
- Maybe, just maybe, wallets who have been trading on Blur could receive a penalty. This seems unlikely, but… this is crypto. Who knows?
The future of OpenSea Pro
Launched in April 2023, OpenSea Pro is OpenSea’s response to the competitive NFT marketplace, particularly addressing the challenge posed by Blur. Alongside OpenSea Pro, the team allowed users to collect points, but these have been removed from the website. In addition, OpenSea launched the Gemesis NFT collection, associated with OpenSea Pro.
OpenSea Pro offers a comprehensive suite of advanced features, empowering users with broader options, enhanced selection capabilities, and greater control, especially appealing to professional collectors. It aggregates data from over 170 marketplaces, providing live, real-time updates on user and collection activities, making it a one-stop solution for tracking NFT trends, mints, and collections.
We will likely see features from OpenSea Pro integrated into OpenSea 2.0, and we can expect the Gemesis NFT collection to have a certain utility on the new platform. However, it’s likely that OpenSea Pro as a separate service will cease to exist.
Explore top NFT marketplaces
DappRadar will keep following OpenSea. You can track the marketplace’s performance using our Marketplace Rankings.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research.
Newsletter
