The decline of the NFT market has forced OpenSea to make significant cuts, laying off over half of its workforce. Despite this, the platform has successfully pivoted to sell all types of cryptocurrencies, particularly benefiting from a resurgence in trading volume.
Following the NFT boom that peaked in early 2022, the sector saw a dramatic downturn, with values plummeting by over 80%. By late 2023, OpenSea’s revenue had dropped sharply, from $125 million a month in January 2022 to just $3 million, coinciding with a staggering decrease in user interest and increasing competition from rivals like Blur, which offered fee-free trading. OpenSea’s attempts to adjust its royalty policies were met with backlash from users who expressed their dissatisfaction on social media.
In response to the challenging market dynamics, co-founder and CEO Devin Finzer announced drastic layoffs during a company meeting with 175 employees. He articulated the need for a fresh start, aiming to reshape OpenSea into a more agile organization. Severance packages were offered to those affected, resulting in more departures than anticipated, including several valued employees. Today, Finzer operates mainly from a co-working space in Manhattan, with a small, remote staff.
Under new strategic direction, OpenSea is embracing a broader marketplace approach, allowing users to trade cryptocurrencies across multiple blockchains. This diversified focus has led to an impressive upturn in business, with the platform facilitating $1.6 billion in cryptocurrency trades and $230 million in NFT transactions in just the first two weeks of October 2025. This surge marks the company’s most substantial monthly trading activity in over three years.
Finzer credits his wife, Yu-Chi Lyra Kuo, as a significant influence behind this strategic pivot. An early investor in cryptocurrency and an accomplished academic, Kuo played a vital role in reshaping OpenSea’s vision from a specialized NFT platform to a comprehensive cryptocurrency trading venue.
The decision to expand services reflects broader market dynamics, as successful trading platforms tap into macroeconomic trends that favor cryptocurrency and speculative investments. Despite lingering challenges in the NFT space—evidenced by substantial losses in the value of digital assets like the Bored Ape Yacht Club—speculation around newer digital assets such as memecoins continues to attract interest.
OpenSea’s ongoing development plan also includes leveraging partnerships with decentralized exchanges, enabling competitive trading rates and seamless user experience. However, Finzer remains cognizant of the necessity to strike a balance between being a financial platform and a space for artistic expression, with future goals to improve user experience akin to existing trading apps.
While OpenSea’s new direction comes with exciting prospects, challenges remain. The regulatory landscape for cryptocurrency is evolving, particularly amid scrutiny from U.S. regulatory bodies. OpenSea has adopted a “compliance-light” stance, which raises concerns about potential future risks, especially regarding compliance with anti-money laundering laws.
The competitive landscape for cryptocurrency trading is ripe, with many platforms vying for market share. Despite this, Finzer believes that delivering a high-quality product and establishing a trusted brand can help OpenSea thrive in a saturated market. Looking ahead, he sees a vision where various types of tokens can coexist within a single trading platform, envisioning OpenSea as a comprehensive hub for all cryptocurrency transactions.
