OpenSea denies abandoning the NFT business, saying it is developing into a company that "trades everything."

OpenSea CEO Devin Finzer said that the platform is not abandoning NFTs, but expanding into a general on-chain trading center.

OpenSea CEO Devin Finzer has dismissed claims that the company is abandoning non-fungible tokens (NFTs) and said the market is "evolving" into a universal platform that can trade a variety of on-chain assets.

In an article published in X on Friday, Finzer announced that OpenSea's trading volume exceeded $2.6 billion in October, with more than 90% of the amount coming from token transactions, which he said was the beginning of the platform's transformation into "trading everything."

“We are building a common interface that works across the entire on-chain economy — spanning tokens, collectibles, culture, digital and physical assets,” Finzel told Cointelegraph. “The goal is simple: as long as there is an on-chain presence, you should be able to transact on OpenSea, seamlessly across any chain, while maintaining full control of your assets,” he added.

OpenSea is the first large-scale NFT trading platform. Launched in 2017, it is a platform for buying, selling and trading various non-fungible tokens. The platform held a leading position in the field until early 2023, when its momentum waned due to the overall collapse of the NFT market and the rise of its main competitor Blur.

In April this year, OpenSea successfully regained its leading position in the NFT market, accounting for more than 40% of the month's transaction volume. As of press time, OpenSea has become the largest NFT trading platform, with a market share of 51%, according to data tracking agency NFTScan.

From NFT to on-chain trading center

Finzer said OpenSea now positions itself as "the interface layer for the entire on-chain economy," integrating token trading, swaps and portfolio management across 22 blockchains.

He said that users of the platform need to use multiple wallets, bridges and interfaces at the same time in order to manage their asset portfolios. “We realized that the infrastructure expertise that unifies NFT transactions can also unify all on-chain transactions. Now, users can easily exchange Solana for Ethereum, trade any token, and manage any asset on one platform without having to face complex operations,” Fenzer said.

The CEO positions OpenSea as an alternative to centralized and decentralized exchanges. “Unlike centralized exchanges, you keep your own keys. Unlike decentralized exchanges, the complexity is invisible,” he said. "We aggregate liquidity from 22+ blockchains into one seamless experience."

However, Fenzel dismissed the idea that NFTs are no longer relevant today. “On-chain transactions are at the heart of our business model – that’s what ‘everything is tradable’ means,” he said.