Can OpenSea Bounce Back?
A brutal market, savvy competitors, and frustrated creators have chipped away at the $13.3B startup
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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William M. Peaster
William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he covers the onchain frontier with a particular interest in art, games, and other culture apps. He has a background in creative writing and writes fiction in his free time.
