Non-fungible token (NFT) market OpenSea has regained its place because the main platform for digital collectible buying and selling, whilst general market exercise declined.
Knowledge tracker NFTScan shows that OpenSea has held the highest spot in NFT marketplaces’ buying and selling quantity for the final 30 days. In keeping with the information web site, OpenSea holds over 40% of the market’s buying and selling quantity, whereas Blur, its largest competitor, is at 23%. In the meantime, the NFT platform Magic Eden has a 7.69% market share, whereas OKX NFTs have a 5% market share.
The information tracker additionally reveals that within the final month, nearly 70% of the wallets transacting with NFTs engaged with OpenSea. The information reveals that over 610,000 wallets opted to make use of OpenSea over its rivals. Within the final three months, the information reveals OpenSea had over 2.1 million wallets participating with its platform.
By comparability, wallets participating with Magic Eden, Blur and OKX NFT solely reached a mixed market share of 17%, round 103,000 wallets. Within the final three months, the platforms had a complete of 380,000 wallets buying and selling NFTs on their platforms.
OpenSea regained NFT dominance amid platform developments
Within the final quarter of 2024, OpenSea repeatedly promoted the launch of its new platform OS2. On the time, OpenSea co-founder and CEO Devin Finzer stated they’d “reimagine all the things,” and {that a} new model would are available in December.
On Feb. 13, OpenSea launched the open beta for OS2, permitting the general public to lastly use its platform after a interval of reserved entry for personal beta customers. On the time, the NFT market additionally teased the launch of the venture’s official token, SEA.
Aside from launching a revamped NFT market, the venture ventured into crypto token buying and selling.
On April 19, the platform announced that it had opened its Solana buying and selling entry for all its customers, skipping a scheduled closed beta part restricted to 50,000 customers. The brand new function permits OpenSea customers to commerce Solana tokens, together with widespread memecoins like Bonk and Ai16z.
Along with platform developments, the NFT market had additionally been free of regulatory scrutiny. On Feb. 22, Finzer introduced that the US Securities and Change Fee had dropped its investigation into the digital collectible market.
Associated: Polygon NFTs overtake Ethereum collectibles in 7-day sales
NFT gross sales dropped 61% within the first quarter of 2025
OpenSea is regaining its market dominance amid a slowdown in NFT gross sales volumes. CryptoSlam information shows that in Q1 2025, NFT gross sales volumes reached $1.5 billion. This represents a 61% decline in comparison with the $4.1 billion quantity in the identical interval in 2024.
Regardless of declining gross sales volumes, some metrics confirmed that NFTs are nonetheless attention-grabbing to many merchants. CryptoSlam reveals over 359,000 NFT consumers within the final seven days, a 52% improve in comparison with the earlier week.
Moreover, regardless of a quantity slowdown, some collections have repeatedly proven indicators of life. Within the final seven days, CryptoPunks surged 82% in gross sales. Within the final 30 days, the gathering reached nearly $20 million in gross sales volumes.
Journal: Pokémon on Sui rumors, Polymarket bets on Filipino Pope: Asia Express
