OpenSea, once a leading NFT marketplace, has announced plans to go multi-blockchain and conduct an ICO-style airdrop to recover from a 98% decline in trading volumes. The exchange will introduce its new SEA tokens, improve its website, and provide support for over a dozen blockchains. OpenSea will also enable cross-blockchain NFT purchases and lower its marketplace and swap fees. The company's decline in metrics, such as NFT sales and royalty fees, has been evident in recent years. OpenSea laid off a significant portion of its workforce after receiving a Wells Notice from the SEC. Competition from other NFT marketplaces and a general decline in NFT popularity have contributed to OpenSea's struggles. Despite the platform's efforts, it is uncertain if the website relaunch and token offering will reverse the global trend away from NFTs.



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