The OpenSea marketplace, once focused exclusively on NFTs, is now shifting its strategy in response to a steady decline in interest toward digital collectible assets. The company has announced the acquisition of Rally, a mobile token trading platform, aiming to integrate new features and prioritize mobile solutions, DeFi, and token interaction.
Focus on a Mobile Application
On July 8, OpenSea announced its acquisition of Rally — a platform centered on mobile cryptocurrency trading. According to the company, the deal will serve as the foundation for a new mobile app that will bring together NFTs, DeFi, and tokens. OpenSea is calling it the “onchain everything app.”
Rally co-founder Chris Maddern, who has been appointed as OpenSea’s Chief Technology Officer, told Cointelegraph that the new product aims to provide access to “everything in crypto” in one place. He emphasized that users are ready to use crypto for more than just storage and want to engage with various assets and services on a single platform.
AI Integration and Rally’s Experience
Maddern highlighted that the app will include artificial intelligence tools. According to him, AI will help users navigate the platform, ensure security, and deliver educational content.
The Rally team, experienced in multi-asset solutions and multi-wallet support, will be responsible for designing OpenSea’s new mobile interface. Combining Rally’s technology with OpenSea’s expertise in NFTs will, as Maddern stated, create an ecosystem where NFTs and tokens coexist on equal terms.
OpenSea’s Market Share Shrinks as Competition Grows
Despite remaining the largest NFT marketplace, OpenSea’s dominance is fading. According to NFTScan, the company holds a market share of 37,94%, while its closest competitor Blur is catching up with 34,23%. Other major platforms, including Magic Eden, OKX NFT, and Rarible, have also gained ground, reshaping the market amid a general decline in trading volumes.
