Source: Cointelegraph
Original: “OpenSea Regains NFT Market Dominance Amid Competitor User Activity Decline”
Despite a decline in overall market activity, the non-fungible token (NFT) trading platform OpenSea has regained its leading position in the trading of digital collectibles.
Data tracking platform NFTScan shows that OpenSea has maintained the top position in NFT trading volume among trading platforms over the past 30 days. According to the data platform, OpenSea accounts for over 40% of the market trading volume, while its largest competitor, Blur, holds a share of 23%. Meanwhile, the NFT platform Magic Eden has a market share of 7.69%, and OKX NFT has a market share of 5%.
Data tracking also indicates that nearly 70% of NFT trading wallets have been using OpenSea in the past month. The data shows that over 610,000 wallets chose to use OpenSea instead of other competitors. Over the past three months, data indicates that more than 2.1 million wallets have engaged in trading on the OpenSea platform.
In contrast, the total market share of wallets interacting with Magic Eden, Blur, and OKX NFT is only 17%, with about 103,000 wallets. Over the past three months, a total of 380,000 wallets have conducted NFT transactions on these platforms.
In the fourth quarter of 2024, OpenSea continues to promote the launch of its new platform OS2. At that time, OpenSea co-founder and CEO Devin Finzer stated that they would "reimagine everything" and announced that the new version would be launched in December.
On February 13, after a phase that was only open to private test users, OpenSea officially launched the public beta of OS2, finally allowing the public to use the platform. At the same time, the NFT trading platform also previewed the release plan for its official token, SEA.
In addition to launching a newly upgraded NFT trading platform, the project has also ventured into the cryptocurrency trading space.
On April 19, the platform announced that it would open Solana trading features to all users, skipping the originally planned closed testing phase that limited participation to 50,000 users. This new feature allows OpenSea users to trade Solana tokens, including popular meme coins like Bonk and Ai16z.
Aside from platform development, this NFT trading platform has also shed regulatory scrutiny. On February 22, Finzer announced that the U.S. Securities and Exchange Commission (SEC) had terminated its investigation into the digital collectibles trading platform.
As NFT sales volume slows, OpenSea is regaining market dominance. CryptoSlam data shows that NFT sales reached $1.5 billion in the first quarter of 2025, a 61% decline from the $4.1 billion trading volume in the same period of 2024.
Despite the drop in sales, some indicators show that NFTs still attract significant interest from traders. CryptoSlam indicates that over 359,000 NFT buyers were active in the past week, a 52% increase from the previous week.
Additionally, despite the overall slowdown in trading volume, some collectible series continue to show vitality. In the past week, sales of CryptoPunks surged by 82%. In the past 30 days, sales of this series approached $20 million.
Related: Former NBA star Shaquille O'Neal reaches settlement with FTX, specific terms confidential.
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