OpenSea Expands Beyond NFTs into Token Trading
OpenSea, a leading NFT marketplace, is broadening its services to include token trading. This shift comes as NFT trading volumes decline and competition grows. Chris Maddern, OpenSea’s Chief Technology Officer, explains the move aims to enhance user experience by integrating token trading and mobile access.
Why OpenSea is Changing Direction
- NFT trading volumes have dropped for five straight quarters
- Competitors like Blur and Magic Eden are gaining market share
- Users increasingly seek platforms offering diverse crypto trading options
How Rally Fits into OpenSea’s Plans
OpenSea acquired Rally, a mobile token trading platform, on July 8. The goal is to create an ‘onchain everything app’ that combines NFTs, tokens, and DeFi. ‘Rally’s mobile expertise complements our NFT strengths,’ Maddern says. ‘Together, we’ll build a richer trading ecosystem.’
What’s Next for Crypto Trading
The new app will use AI for security and content discovery. Lennix Lai of OKX observes, ‘The market is maturing from speculative trading to utility-focused transactions.’ This evolution promises more inclusive and practical crypto applications.
