OpenSea, once the leading platform for non-fungible tokens (NFTs), has experienced a significant transformation amidst a dramatic decline in the NFT marketplace. Trading volumes have plummeted by over 90% from the highs seen in 2021, prompting the platform to rebrand itself as a multi-chain crypto trading aggregator. The company is now expanding its offerings beyond digital collectibles and entering the broader realm of token trading.
Under the leadership of CEO Devin Finzer, OpenSea has transitioned into a “trade-any-crypto” platform, now supporting 22 different blockchains. This pivot comes on the heels of a severe downturn in the NFT sector, which saw its market capitalization fall from approximately $20 billion in early 2022 to around $4.87 billion by October 2025, according to data from CoinGecko. Finzer noted that this strategic shift is both a survival tactic and a proactive approach in response to evolving market demands. “You can’t fight the macro trend,” he commented. “People want to trade everything—not just digital art.”
The newly adopted business model aggregates buy and sell orders from decentralized exchanges like Uniswap and Meteora, allowing OpenSea to generate around $16 million in revenue. This is achieved through a 0.9% transaction fee. The company does not perform know-your-customer checks, aligning with its non-custodial model, although it employs blockchain analytics to identify suspicious transactions.
OpenSea’s transformation is indicative of a broader trend among formerly NFT-centric companies that are adapting to shifting dynamics in the crypto economy. For instance, the Solana-based marketplace Magic Eden recently acquired trading platform Slingshot to broaden its focus beyond NFTs.
At the peak of the NFT market in January 2022, OpenSea boasted a staggering monthly revenue of $125 million and a valuation reaching $13.3 billion. However, as interest in digital collectibles dwindled by late 2023, the platform’s monthly revenue plummeted to just $3 million, severely impacting its workforce. The company was forced to reduce its staff by more than half, decreasing from approximately 175 employees to around 60.
Competition from rival marketplace Blur, which attracted traders with zero fees and no royalties for creators, played a significant role in OpenSea’s challenges. In an attempt to remain competitive, OpenSea loosened its royalty structure, a move that sparked backlash among artists and collectors who felt the platform was forsaking its roots.
In response to its dwindling market share and financial challenges, Finzer initiated a comprehensive restructuring of the company. OpenSea recently relocated its headquarters to Miami, with most employees working remotely. Its renewed strategy appears to be yielding results; in the first two weeks of October 2025, OpenSea processed $1.6 billion in crypto trades and $230 million in NFT transactions, marking its largest monthly activity in over three years. The platform achieved an impressive total of $2.6 billion in trading volume for the month, with over 90% generated from token exchanges.
As the NFT market continues to grapple with volatility, OpenSea is positioning itself for a potential comeback, evidenced by rising trading volumes and demand. The platform is reportedly preparing for a token launch as part of its long-term recovery strategy. While traditional cryptocurrencies like Bitcoin have seen renewed interest, NFT trading remains considerably lower than its previous peaks. Notably, popular collections such as Bored Ape Yacht Club have witnessed drastic drops in floor prices, falling from around $400,000 at their peak to approximately $32,000.
Despite these challenges, pockets of recovery have emerged within the NFT market. DappRadar reported a 94% increase in NFT market capitalization in July 2025, fueled by renewed enthusiasm for established assets such as CryptoPunks and Pudgy Penguins. OpenSea’s “2.0” vision includes plans for a mobile application and an independent foundation dedicated to an OpenSea token, with aspirations of creating a trading experience as user-friendly as Robinhood while ensuring users retain control over their assets across multiple blockchains.
