Non-fungible token (NFT) marketplace OpenSea has entered the crypto custody and exchange market by acquiring Rally, a mobile-first non-custodial wallet platform. The move marks a clear growth from an NFT marketplace to an on-chain trading ecosystem across 17 blockchains.
OpenSea Acquires Rally
Upon acquiring the platform for an undisclosed sum, Rally’s co-founders, Chris Maddern and Christine Hall, have joined OpenSea’s leadership as Chief Technology Officer (CTO) and Chief of Staff, respectively. The Firm believes that the newly added executives’ expertise will aid in the smooth integration of Rally’s mobile wallet and social trading features.
According to Maddern, OpenSea is “supercharging” its mobile offering with Rally’s app. The firm aims to build a platform that enables hundreds of millions to interact on-chain. Users can trade tokens and NFTs, participate in DeFi, and utilize staking and lending primitives, all without relying on a centralized exchange.
The Rally team believes its mission of bringing on-chain assets, culture, and ownership to mainstream audiences will be amplified by the NFT marketplace’s brand and resources. Maddern outlined a 12-month roadmap to integrate tokens and NFTs, alongside the deployment of AI-driven tools for enhanced safety and clarity.
Nonetheless, the Rally app will remain operational until a migration to a revamped OpenSea mobile experience launches. The firm claims it desires Rally’s existing community to join a unified on-chain platform seamlessly. Commenting on his excitement about the development, OpenSea’s Chief Marketing Officer (CMO) said:
“The entire Rally team is phenomenal. The product is exceptional and will lead to a truly incredible mobile experience for OpenSea. But the real W here is having Chris and Christine as part of the leadership team. A genuine level up for the company. Honestly couldn’t be more excited for what’s next.”
Acquisition Amid NFT Market Downturn
The NFT market has been experiencing a significant downturn, prompting numerous well-known companies to shut down their NFT operations. For example, LG announced the closure of its Art Lab NFT marketplace. X2Y2 has also exited the NFT arena amid the market decline, with X2Y2 shuttering its marketplace as trading volume plummeted by over 90%.
However, major NFT-focused platforms like OpenSea are diversifying instead of shutting down operations. Interestingly, it’s worth noting that OpenSea is not the first to use the approach. Magic Eden, initially focused on Solana-based NFTs, has undergone significant expansion. Recently, it acquired Slingshot and integrated on-chain token trading across multiple chains.
