OpenSea CTO outlines token trading vision for moving beyond NFTs
OpenSea’s strategic pivot comes as NFT volumes have declined in five straight quarters.
Crypto trading platform OpenSea is expanding beyond non-fungible tokens (NFTs) as the space faces a consistent decline in digital collectible trading volumes amid increasing competition.
On July 8, OpenSea announced that it had acquired the mobile-focused token trading platform Rally to push its expansion into mobile devices and enhance its token trading capabilities. The platform said it will build an “onchain everything app” to provide users with a new experience.
Rally co-founder Chris Maddern, who now works as OpenSea’s chief technology officer, told Cointelegraph that the move will bring together “the best of crypto,” putting everything in one place.