OpenSea Acquires Rally to Expand Mobile Trading Services

OpenSea, the leading non-fungible token (NFT) marketplace, has made a strategic move to expand its services by acquiring Rally, a mobile-focused Web3 platform. This acquisition is part of OpenSea's broader strategy to integrate mobile and token-based trading into its platform, aiming to create a unified, onchain trading experience.

The acquisition, announced on Tuesday, signals OpenSea’s push to develop a mobile-first platform for trading digital assets. According to Rally, users can expect a new OpenSea mobile experience “later this year.” This move is a significant step for OpenSea as it seeks to develop what it calls the "onchain everything app." This app would serve as a comprehensive platform for managing various onchain activities, including NFTs, tokens, and decentralized finance (DeFi) services. By integrating Rally's technology, OpenSea aims to provide users with a seamless and convenient way to access and manage their digital assets directly from their mobile devices.

Rally co-founders Chris Maddern and Christine Hall will join OpenSea's leadership team. The duo will bring Rally’s mobile ad token trading expertise into the platform, and Maddern will be OpenSea’s new chief technology officer. Maddern said they are working on a product that would “grow the onchain economy for creators, collectors and traders.” The vision is to create a platform that allows tokens to complement NFTs and not compete. He also noted that decentralized finance (DeFi) and perpetual futures contracts, or “perps,” should be simple and accessible.

Maddern said OpenSea is getting serious about mobile as it’s where users spend most of their time. He added that OpenSea is also exploring artificial intelligence to make crypto safer and more understandable for users. Maddern didn’t elaborate on how OpenSea plans to integrate AI technology into its mobile platform.

The acquisition of Rally is a strategic move that aligns with OpenSea's long-term vision of becoming a one-stop shop for all onchain activities. By expanding into mobile and token-based trading, OpenSea is positioning itself to capture a larger share of the growing market for onchain services. The move is expected to enhance the platform's capabilities in mobile management, making it easier for users to access and manage their digital assets directly from their mobile devices. This acquisition is a significant step towards OpenSea's goal of creating the "onchain everything app," a comprehensive platform for managing all onchain activities.

OpenSea’s mobile expansion follows the May public rollout of its revamped “OS2” platform, which allows users to experience full token trading and support for fungible tokens. At the time, OpenSea chief marketing officer Adam Hollander said that the platform had always believed everything onchain should be discoverable in one place. The acquisition of Rally is expected to further this vision by providing a unified app for all onchain activities, simplifying the process of managing digital assets and making it more accessible to a broader range of users. This move is likely to attract new users to the platform, as well as retain existing ones by offering a more convenient and comprehensive service.