OpenSea CEO Devin Finzer has firmly dismissed claims suggesting the company is moving away from non-fungible tokens (NFTs). Instead, he emphasized that the marketplace is undergoing an evolution aimed at becoming a universal platform for trading all types of on-chain assets. In a recent update on social media platform X, Finzer revealed that OpenSea’s trading volume for October 2023 exceeded $2.6 billion, with a remarkable 90% of that figure attributed to token trading. He characterized this surge as a pivotal moment in the platform’s transformation to facilitate trading across all asset types.
Finzer elaborated on OpenSea’s vision, stating, “We’re building the universal interface for the entire onchain economy — tokens, collectibles, culture, digital and physical.” He affirmed the company’s goal: “if it exists onchain, you should be able to trade it on OpenSea, seamlessly across any chain, while maintaining complete control of your assets.”
Originally launched in 2017 as a premier marketplace for NFTs, OpenSea maintained dominance in the NFT sector until early 2023 when the combination of a market downturn and the emergence of rival platform Blur led to a reduction in its market share. However, the platform regained its footing in April 2023, achieving over 40% of total trading volume that month. Currently, OpenSea stands as the largest NFT marketplace, holding a 51% market share according to NFTScan data.
With a strategic shift toward becoming a comprehensive on-chain trading hub, Finzer indicated that OpenSea strives to serve as the “interface layer for the entire onchain economy.” The platform now integrates various features like token trading, swaps, and portfolio management spanning 22 different blockchains. He noted that users previously needed to navigate through multiple wallets and bridges to manage their assets, which he described as a cumbersome experience. By leveraging its existing infrastructure, OpenSea aims to streamline this process, allowing users the ability to swap assets between networks like Solana and Ethereum all within a single interface.
Positioning OpenSea as a hybrid solution, Finzer explained, “Unlike CEXs, you keep your keys. Unlike DEXs, the complexity is invisible.” He highlighted that the platform aggregates liquidity across multiple chains into a singular, user-friendly experience. Despite the broader focus on token trading, Finzer reassured stakeholders that NFTs remain integral to the company’s operations, stating, “Everything onchain is core to our business model — that’s what ‘trade everything’ means.”
Looking ahead, OpenSea is gearing up to launch a new mobile application by the first quarter of 2026, designed to provide users with instant cross-chain swaps and streamlined portfolio tracking on their devices. The company aims to make on-chain trading as straightforward as social media browsing. Additionally, OpenSea will introduce its SEA token in the first quarter of 2026, which will facilitate governance and engagement within its ecosystem.
The company’s future developments also include plans for perpetual futures and enhanced mobile access, with a particular focus on “true cross-chain abstraction.” This would empower users to trade any token across any wallet or blockchain effortlessly, reinforcing OpenSea’s commitment to evolving the trading landscape for all on-chain assets.
