A few days ago, I was having dinner with friends and chatting about 'old trees blooming anew.' Nowadays, narratives are running dry—could old narratives possibly spark new opportunities, like NFTs? Today, I took a look and found that the biggest NFT trading platform, OpenSea, has already shifted its main business focus to token trading… Since mid-to-late September, OpenSea's daily token trading volume has gradually surpassed its NFT trading volume. Recently, OpenSea's daily token trading volume hit a new high of $474 million, while NFT trading volume accounted for less than 3% of that. From a revenue perspective, in the past 30 days, token trading has brought OpenSea $25.5 million in income (charging a 0.825% fee per transaction), which is five times the revenue from NFT trading during the same period. Token trading is mainly concentrated on Base, Arbitrum, and Ethereum, and it seems like there's a certain amount of wash trading going on. Although NFTs contribute relatively little to the trading volume, as the largest NFT trading platform, OpenSea still sees 150,000–300,000 weekly active NFT trading addresses. The user base is still quite substantial, especially with the ongoing treasure chest activities tied to potential airdrop expectations. Anyway, at least OpenSea is still trying things out—it’s definitely better than the soft rug pull happening next door with Iron Hands… But aside from the airdrop hype, it doesn’t seem like there’s been any major changes?