Non-fungible token (NFT) market OpenSea restored its position as the leading platform for digital collectible trading, even as general market activity decreased.
Information tracker NFTScan reveals that OpenSea has actually held the leading area in NFT market trading volume for the last 1 month. According to the information, OpenSea holds more than 40% of the marketplace’s trading volume, while Blur, its biggest rival, is at 23%. NFT platform Magic Eden has a 7.69% market share, while OKX NFTs have a 5% market share.
The information tracker likewise reveals that in the last month, practically 70% of the wallets negotiating with NFTs engaged with OpenSea. More than 610,000 wallets utilized OpenSea. In the last 3 months, OpenSea had more than 2.1 million wallets engaging with its platform.
By contrast, wallets engaging with Magic Eden, Blur and OKX NFT reached a combined market share of 17%, about 103,000 wallets. In the last 3 months, the platforms had an overall of 380,000 wallets trading NFTs on their platforms.
OpenSea gained back NFT supremacy in the middle of platform advancements
In the last quarter of 2024, OpenSea promoted the launch of its brand-new platform OS2. OpenSea co-founder and CEO Devin Finzer stated they would “reimagine whatever,” which a brand-new variation would can be found in December.
On Feb. 13, OpenSea released the open beta for OS2, permitting the general public to lastly utilize its platform after a duration of reserved gain access to for personal beta users. The NFT market likewise teased the launch of the task’s main token, SEA.
Apart from introducing a revamped NFT market, the task ventured into crypto token trading.
On April 19, the platform revealed that it had actually opened its Solana trading gain access to for all its users, avoiding an arranged closed beta stage restricted to 50,000 users. The brand-new function permits OpenSea users to trade Solana tokens, consisting of popular memecoins like Bonk and Ai16z.
In addition to platform advancements, the NFT market had actually likewise been devoid of regulative examination. On Feb. 22, Finzer stated the United States Securities and Exchange Commission had actually dropped its examination into the digital collectible market.
Related: Polygon NFTs surpass Ethereum antiques in 7-day sales
NFT sales dropped 61% in the very first quarter of 2025
OpenSea is restoring its market supremacy in the middle of a downturn in NFT sales volumes. CryptoSlam information reveals that in Q1 2025, NFT sales volumes reached $1.5 billion. This represented a 61% decrease compared to the $4.1 billion volume in the very same duration in 2024.
In spite of decreasing sales volumes, some metrics reveal that NFTs are still intriguing to numerous traders. CryptoSlam reveals over 359,000 NFT purchasers in the last 7 days, a 52% boost compared to the previous week.
In Addition, in spite of the volume downturn, some collections have actually revealed indications of life. In the last 7 days, CryptoPunks rose 82% in sales. In the last 1 month, the collection reached practically $20 million in sales volumes.
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