OpenSea has reaffirmed its dominance in the non-fungible token (NFT) space, securing the top spot for trading volume over the last 30 days.
Traders flooded to OpenSea’s upgraded platform, drawn in by reduced fees and enhanced cross-chain features, driving a notable uptick in transaction activity.
Wallet Growth Could Fuel a New NFT Boom
NFT Scan’s latest data shows the total trading volume over the past month reached $155.1 million.
OpenSea controls 42% of this figure, while rivals lag behind. Blur holds 23.16% of the market, with CryptoPunks and Magic Eden trailing at 10.97% and 7.67% respectively.
Other platforms like OKX NFTs, CoralCube, and smaller players each hold single-digit market shares between 4.98% and 6.10%.
OpenSea also leads in wallet activity.
Out of 615,300 wallets trading NFTs last month, 69.62% (428,363 wallets) chose OpenSea.
Over the past three months, OpenSea captured 66.12% of all NFT wallet activity, outperforming Magic Eden’s 8.77%.
OS2 Overhaul and 0.5% Fees Boost OpenSea’s Market Lead
OpenSea’s revamped OS2 platform, rolled out in February, dropped fees from 2.5% to 0.5% and scrapped swap charges altogether.
Support for Solana token trading, cross-chain functionality, and real-time analytics further set OpenSea apart from competitors like Blur and Magic Eden.
The user experience also improved thanks to a redesigned homepage and faster navigation.
Another major step was OpenSea’s introduction of the SEA token, rewarding loyal platform users.
In addition, regulatory clarity helped.
In February, OpenSea’s founder Devin Finzer confirmed the SEC closed its investigation into the company without pursuing charges, boosting user confidence.
As NFTs mature, OpenSea’s continuous innovations position it as a cornerstone of the industry.
NFT Sales Recovery Still Trails 2022 Peaks
Despite growing wallet activity, NFT sales volumes are still 62% lower compared to 2022’s highs.
While participation has improved, structural challenges persist.
In 2024, NFT sales totaled $8.88 billion—a slight 1.1% increase over 2023’s $8.7 billion.
However, it’s a sharp drop compared to 2022’s $23.7 billion peak.
In February 2025, trading volumes plummeted 50% from January, falling to $498 million. Sales also dropped by 16%.
Even with some positive signs, like the Kanbas Collection’s $3 million NFT purchase, overall market momentum has slowed.
Q1 2025 sales hit $1.5 billion, down 61% year-over-year from Q1 2024.
Still, NFT interest remains alive.
Buyer numbers increased 52% last week, with 359,000 new entrants to the market.
However, a full return to 2022’s frothy valuations looks unlikely in the current cycle.
Frequently Asked Questions (FAQs)
Is OpenSea Expanding Beyond Collectible NFTs?
Yes. OpenSea now supports NFTs tied to real-world assets like LeBron’s RWA projects and AI-generated art, alongside blockchain gaming NFTs like virtual land and in-game collectibles.
Which Blockchains Are Supported in OpenSea’s Latest Upgrade?
OpenSea’s latest platform update expanded support to 14 blockchains, including Flow, ApeChain, and Soneum.
