OpenSea Makes Strategic Changes as Chiliz Goes Bigger in Sports

The Chiliz blockchain enjoys a long relationship with sports. PSG, Man City, and Barca football clubs are part of fan tokens on offer under Socios. Socios is built on the Chiliz proof-of-authority Ethereum-based sidechain.

On Friday, November 3, CHZ gained 2.12%, ending the session at $0.0703.

OpenSea Cuts Workforce in New Market Vision

On Friday, OpenSea co-founder and CEO Devin Finzer announced significant changes to OpenSea, saying,

“And today, we’re re-orienting the team around ‘OpenSea 2.0,’ a big upgrade to our product – including the underlying technology, reliability, speed, quality, & experience.”

Finzer went on to say,

“We’re building a new foundation so we can innovate faster and we’ll have some experiences to share with you soon. We will change how we operate – shifting to a smaller team with a direct connection to users. So today, we’re saying goodbye to a number of OpenSea teammates.”

OpenSea was the leading NFT marketplace before competitors entered the space and the crypto winter.

In January 2022, OpenSea monthly trading volume on Ethereum reached an all-time high of $2,489 million but dropped below $1,000 million by June 2022. According to Dune Analytics, trading volumes on Ethereum stood at $74 million in October 2023.

The most expensive NFTs ever sold include Beeple’s Everydays: The First 5000 Days, which fetched a staggering $69.3 million, closely followed by Clock, which sold for $52.7 million. A second Beeple NFT, Human One by Beeple, sold for $28.95 million.

According to CoinGecko, the floor price for Everydays: The First 5000 Days is $21,949, available for sale on OpenSea.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs.

A BTC break above the Thursday high of $36,024 would support a move to the $36,400 resistance level.

Crypto-spot ETF-related news and SEC v Ripple and Coinbase (COIN) case-related updates remain focal points.

A BTC fall below the $34,000 handle would bring the $32,436 support level into play.

The 14-Daily RSI reading of 75.24 shows BTC sitting in overbought territory. BTC may face increasing selling pressure without a crypto event to influence investor sentiment.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, affirming bullish price signals.

An ETH break above the trend line would support a move toward the $1,926 resistance level. ETH-spot ETF-related news could also influence buyer demand.

Failure to break above the trend line would leave the $1,805 support level in play. A fall through the $1,805 support level would bring sub-$1,800 and the $1,741 support level into view.

The 14-period Daily RSI, 67.15, indicates an ETH move to the trend line before entering overbought territory.