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OpenSea, previously a leading entity in the NFT marketplace, is currently facing significant challenges.
The platform is metaphorically stranded along the digital coastline of the Web3 game OpenSeason. This notable shift follows OpenSea’s contentious choice to remove the game’s NFT passes, igniting extensive dialogue within the community.
Earlier this month, developer Fractional Uprising Studios tweeted that OpenSea’s rationale for delisting OpenSeason passes was “incorrect”.
The studio subsequently took the dispute into virtual reality, stating: “we decided to enhance the NFT lore of ‘OpenSeason’. What are your thoughts?”
Our associates at @opensea inaccurately disabled our collection and rejected our appeal.
Thus, we opted to enrich the NFT lore of ‘OpenSeason’. What do you think? @opunshizun @EpicGames pic.twitter.com/frgMtrzT5X
— Fractional Uprising Studios (@FU_STUDIOS) February 1, 2024
The accompanying video depicts a ship ablaze at a port labeled “OpenSea”, clearly targeting the well-known NFT marketplace.
OpenSeason and OpenSea are not connected, although the former acknowledges that its name is inspired by the once-leading NFT marketplace by trading volume.
OpenSea asserts that the delisting was due to its policies regarding the hosting of securities offerings. Essentially, OpenSea is indirectly alleging that Fractional Uprising is involved in the sale of securities, a claim that OpenSeason refutes.
In response to fans in the thread beneath its tweet, Fractional Uprising revealed tentative intentions to establish its own marketplace.
We will eventually. There’s quite a bit planned for the project!
— Fractional Uprising Studios (@FU_STUDIOS) February 2, 2024
Users can still locate OpenSeason NFT passes on Blur, the largest NFT marketplace by trading volume. It is also available on various other digital collectibles platforms.
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This week, the Web3 PC game is set to launch in early access via the Epic Games Store on Thursday, February 29, with the NFT passes acting as entry tickets for the game’s Fortnite-style battle royale events.
These passes also grant holders access to exclusive in-game skins, items, and airdrop rewards.
OpenSeason’s multiplayer battles occur on the “Island of Jpeg”, an island populated by well-known NFT-inspired avatars, including CryptoPunks, Bored Apes, Miladies, with many more anticipated in the future.
OpenSea Affected by Declining NFT Volume
OpenSea experienced a substantial decline in its operational business when the NFT sector suffered during the crypto downturn. At its peak, in early 2022, the marketplace boasted an impressive $13.3 billion valuation.
A recent assessment by tech-oriented asset manager Coatue placed OpenSea’s valuation at or below $1.4 billion at the conclusion of the previous year.
This decline reflects trading activity during that timeframe, which fell by 96% between January 2022 and January 2024, based on data from Dune Analytics.
Simultaneously, OpenSea announced it had reduced its workforce by 50%. In a thread on X, the company indicated it required “significant changes […] to concentrate on the next iteration of our product.”
1/9
OpenSea is implementing substantial changes today to focus on the next version of our product.— Devin Finzer (dfinzer.eth) (@dfinzer) November 3, 2023
At the end of January 2024, reports emerged indicating that OpenSea is involved in acquisition discussions.
CEO and co-founder Devin Finzer is reportedly receptive to potential agreements, including the prospect of being acquired.
The post OpenSea NFT Delisting Sparks Retaliatory Move from Game Developers appeared first on Cryptonews.
