OpenSea’s new platform strategy has paid off, helping it reclaim dominance in NFT trading volumes and wallet activity across the last month.
The combination of reduced trading fees and broader blockchain support has helped OpenSea outpace major competitors.
Will Wallet Expansion Revive the NFT Market?
Data from NFT Scan reveals a monthly NFT trading volume of $155.1 million, with OpenSea controlling 42% of the market.
Blur holds second place with 23.16%, while CryptoPunks and Magic Eden capture 10.97% and 7.67% respectively.
Minor players such as CoralCube and OKX NFTs hover around the 5% mark.
OpenSea also posted impressive wallet engagement.
Nearly 70% of NFT traders (428,363 out of 615,300 wallets) used OpenSea last month.
Over a three-month span, OpenSea retained 66.12% of all active wallets—a wide margin over Magic Eden’s 8.77%.
OS2 Upgrade, Fee Cuts, and SEA Token Launch Strengthen OpenSea’s Dominance
With its OS2 upgrade in February, OpenSea slashed trading fees to 0.5%, scrapped swap fees, and added direct Solana token trading and real-time trading analytics.
These updates distanced OpenSea further from Blur and Magic Eden.
The user interface received a redesign for faster browsing, and OpenSea introduced the SEA token to incentivize loyal users.
Importantly, OpenSea’s regulatory risks eased after the SEC formally closed its investigation without charges.
Together, these factors have solidified OpenSea’s leadership position as NFTs transition into the next market phase.
NFT Market Still Lags 2022 Frenzy Despite Buyer Growth
Overall NFT sales volumes remain subdued.
NFT sales totaled $8.88 billion in 2024—a modest increase from 2023, but well below 2022’s $23.7 billion record.
February 2025 saw NFT volumes plunge 50% from January to $498 million, while sales numbers dropped 16%.
Still, isolated high-profile sales like Kanbas Collection’s $3 million artwork hint at a maturing market.
First-quarter sales in 2025 came in at $1.5 billion, representing a 61% year-on-year decline.
Despite the slower market, buyer interest rebounded, with new NFT wallet signups climbing 52% over the past week.
Frequently Asked Questions (FAQs)
Is OpenSea Adapting to New NFT Use Cases?
Yes, OpenSea is actively expanding its catalog to include NFTs linked to real-world assets, gaming, and AI-generated works.
Which Blockchains Were Added in OpenSea’s Latest Platform Update?
The recent upgrade added compatibility with 14 different chains, including newcomers like ApeChain, Flow, and Soneum.
