Non-fungible token marketplace OpenSea is set to debut a new platform next month, as revealed in the latest update on Monday, Nov. 4.

OpenSea chief executive officer Devin Finzer announced the timeline for the launch on X, stating that the NFT platform has been reimagined with a new OpenSea built from the ground up.

This announcement comes a few weeks after the NFT marketplace received a Wells Notice from the U.S. Securities and Exchange Commission. On what’s next for the platform, Finzer noted:

“We’ve been quietly cooking at OpenSea. To really innovate, sometimes you have to take a step back and reimagine everything. So we built a new OpenSea from the ground up. Sails up in December.”

Founded in 2017, OpenSea established itself as the world’s first peer-to-peer marketplace for non-fungible tokens and digital asset collectibles. The project thrived as the NFT ecosystem boomed during the last bull market, with significant growth driving volumes to new heights.

However, the past couple of years have included a steady decline in sales volumes, a situation that the bear market worsened. OpenSea went on to cut its headcount by half in November 2023, with the platform revealing plans for an ‘OpenSea 2.0’.

While there has been renewed interest in NFTs, OpenSea recently received a Wells Notice from the SEC, adding to its challenges.

The Wells Notice signals that the regulator may pursue legal action against the platform, potentially viewing NFTs as securities. In September, a16z Crypto and OpenSea collaborated with the Stand With Crypto initiative to introduce an NFT legal fund.

Despite these challenges, the new platform’s launch has been in the works since the initial announcement, and Finzer’s post on X has stirred excitement within the community.

A waitlist is now open ahead of the launch, according to OpenSea.