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Can OpenSea Bounce Back?

A brutal market, savvy competitors, and frustrated creators have chipped away at the $13.3B startup
Can OpenSea Bounce Back?
William M. Peaster William M. Peaster
Dec 6, 2023 • 5 min read
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OpenSea, once an undisputed juggernaut in crypto, has faced some serious headwinds lately—there's no denying that. 

For one thing, NFT trading is significantly down from its 2021 peak, as is OpenSea's volume marketshare. Recently, the marketplace has also faced big layoffs, vastly lowered expectations among VCs, and $BLUR on the rise once more. 

The platform is also dealing with an ongoing royalties controversy that has led to a high-profile falling out with Yuga Labs, the creators of the Bored Ape Yacht Club. The divorce has led Yuga to begin work on its own marketplace with upstart OpenSea competitor Magic Eden.  

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OpenSea OpenSea Blur Blur Magic Eden Magic Eden Bored Ape Yacht Club Bored Ape Yacht Club Ethereum Ethereum Base Base Zora Zora
William M. Peaster

Written by William M. Peaster

983 Articles • View all      

William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he writes the Metaversal newsletter on the onchain frontier, covering everything from AI projects to crypto games, as the team’s lead NFT analyst. With a background in creative writing, he writes fiction and publishes art on Ethereum in his free time.

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