OpenSea has dramatically transformed from being the dominant marketplace for NFTs to evolving into a multi-chain crypto trading aggregator, amid a historic decline in NFT trading volumes. Once embodying the NFT boom, OpenSea now finds itself grappling with a staggering over 90% drop in trading activity since its peak in 2021.
Under the leadership of CEO Devin Finzer, OpenSea has made significant changes, now supporting transactions across 22 different blockchains. This pivot reflects a broader strategy of survival amid a shifting landscape in the cryptocurrency market. “You can’t fight the macro trend,” Finzer noted, emphasizing a growing desire among users to trade a variety of digital assets and not just limited to NFTs.
OpenSea’s new model aggregates buy and sell orders from decentralized exchanges like Uniswap, enabling the platform to generate approximately $16 million in revenue via a 0.9% transaction fee. Finzer has defended the platform’s non-custodial model, highlighting that they do not implement traditional know-your-customer (KYC) protocols. Instead, the company utilizes blockchain analytics to detect potentially suspicious transactions.
The decision to expand beyond digital collectibles mirrors a trend among former NFT-focused platforms adapting to the evolving crypto economy. For instance, earlier this year, the Solana-based marketplace Magic Eden acquired Slingshot to broaden its offerings beyond NFTs.
At the peak of the NFT craze in January 2022, OpenSea was generating around $125 million in monthly revenues and boasted a valuation of $13.3 billion, making it one of the most valuable startups in the crypto space. However, as interest in digital collectibles waned through late 2023, its monthly revenue fell to just $3 million. The company experienced significant workforce reductions, cutting its staff from about 175 to approximately 60 employees.
OpenSea’s challenges were compounded by competition from rival platform Blur, which attracted traders with zero fees and no royalties for creators. In an attempt to stay competitive, OpenSea revised its own royalty structure, but this move was met with backlash from artists and collectors who felt abandoned by the platform.
In response to these pressures, Finzer initiated a comprehensive reset for the company, which included relocating its headquarters to Miami and transitioning to a remote working model for many employees. Recently, OpenSea reported handling a total of $1.6 billion in crypto trades and $230 million in NFT transactions in the first half of October 2025—the company’s strongest month in three years. This surge was punctuated by a notable trading volume of $2.6 billion in October, with over 90% attributable to token trading.
Despite the NFT market facing significant challenges, there have been emerging signs of recovery. The broader digital asset landscape has seen cryptocurrencies like Bitcoin rallying, while blue-chip NFT collections, such as Bored Ape Yacht Club, saw floor prices decline dramatically from their previous highs. However, certain blue-chip assets like CryptoPunks and Pudgy Penguins have shown a resurgence, with CryptoPunks achieving a 53% increase in floor price recently.
Trading volumes in the NFT market remain unpredictable. Following a brief resurgence in mid-2025, volumes have subsided again, averaging around $8 million daily. Notably, Base, Coinbase’s Layer-2 network, now dominates NFT trading, comprising over half of total transactions across various blockchains.
Looking ahead, OpenSea aims to develop what they refer to as a “2.0” vision, which will include a mobile application and the establishment of an independent foundation to manage the issuance of an OpenSea token. Finzer expressed aspirations to make trading as user-friendly as possible, likening the ease of use to Robinhood, but without compromising the self-custodial nature necessary to safeguard user assets across multiple chains.
