OpenSea returns to the Non-fungible Token battlefield! CEO Devin Finzer announces the launch of the new platform OS2 and SEA Token

Once the world's largest Non-fungible Token trading market, OpenSea has finally announced a major overhaul after years of silence. CEO Devin Finzer talked about various mistakes in past platform operations during an interview on 2/15. Now, starting anew, they aim to confront the new era's encryption market with the all-new 'OS2' platform.

OpenSea CEO admits past mistakes

Finzer admitted at the beginning of the interview that he took a wrong path during the 2021 Non-fungible Token craze. He pointed out that at that time, OpenSea recruited too many talents from Web2 to take over the management team in response to market demand, which resulted in the company becoming "too traditional and too corporate," losing the original spirit of Web3.

"We listened to the advice at the time and thought we should find someone with more management experience. But the result is that OpenSea has become a company that we ourselves do not recognize." Finzer admitted that such a decision has caused OpenSea to lose its innovative momentum and gradually drift away from the market.

Not only that, competitors such as Blur and Magic Eden have successfully attracted many users through token issuance, airdrops, and other strategies, while OpenSea has missed this wave, leading to a significant decline in market share.

The brand new OS2 is here, expanding from Non-fungible Token to token trading

After two years of silence, OpenSea finally launched a new version of "OS2", which not only supports non-fungible tokens, but also officially enters the token trading market. Finzer said that the focus of this revamp is not only on functional improvements, but also on rebuilding OpenSea as a whole to make it a flexible and fast trading platform. "Our product development used to be slow, but now it only takes us two days to launch a new feature!"

Finzer also revealed the main highlights of the new version OS2:

Integration of Non-fungible Token and token trading: Users can now trade Non-fungible Tokens and encryption currencies on the same platform, suitable for the trend of Non-fungible Token projects often issuing tokens at the same time.

Faster, more stable trading experience: Finzer acknowledges that the user experience of OpenSea in the past was not perfect, so one of the core goals of this major update is to make transactions no longer stuck and operations smoother.

Future plans to support AI creation tools: OpenSea is also developing AI-related features to make it easier for creators to issue Non-fungible Tokens or tokens.

However, OS2 does not yet support Solana transactions, but Finzer promises, "It will be online soon!"

OpenSea token SEA is expected to be issued, but the details are still confidential

In addition to OS2, another key focus of the market is when OpenSea will issue the token SEA. Finzer explicitly stated that the issuance and management of the token will be handled by the independent foundation (OpenSea Foundation), separate from the OpenSea company.

Regarding the details of the token, the foundation has not yet announced the exact issuance time, token economics, and specific airdrop rules. However, Finzer emphasized: 'This is not a short-term operation, but a long-term plan.'

When asked why OpenSea issued the token SEA so late, Finzer responded: "It's not just issuing tokens for the sake of issuing tokens." He explained that when Blur initially launched tokens, there were many voices in the market calling for OpenSea to follow suit immediately, but they chose to wait, hoping to find a more sustainable model instead of simply following the trend.

Will OpenSea tokens follow in the footsteps of Blur and Magic Eden

Despite OpenSea finally announcing the issuance of tokens, there are still many concerns in the market, mainly stemming from the "painful lessons" learned by past competitors after issuing tokens.

After the issuance of Magic Eden tokens, the price plummeted, and the market response was tepid.

Although Blur once successfully attracted trading volume, it later caused a market crash due to excessive liquidity mining.

In response, Finzer said, "We will avoid making the same mistakes, the key is to build truly valuable products, rather than just focusing on short-term speculation." He emphasized that the foundation will ensure the token economy is reasonable, while considering users' trading history to ensure that token issuance can truly drive market development.

Can OpenSea make a comeback, Finzer admits he is ready

Currently, OpenSea, although still a well-known brand in the Non-fungible Token field, has significantly declined in influence compared to its peak in 2021. Finzer also admits that this is a tough battle, but they are ready.

He believes that the biggest advantage of OpenSea lies in brand influence, because most users' first Non-fungible Token was bought on OpenSea. In addition, he also emphasized that the team has now returned to the spirit of Web3, focusing on creating truly user-friendly products, rather than simply chasing trends.

( After a 90% contraction in trading volume: Non-fungible Token market leader OpenSea launches OS2 and airdrops $SEA token )

This article OpenSea returns to the Non-fungible Token battlefield! CEO Devin Finzer announced the launch of the new platform OS2 and the SEA token, first appeared on Chain News ABMedia.