OpenSea reclaims NFT market lead as rivals see decline

OpenSea has regained its top spot in the NFT market, leaving rival platforms behind as their user activity drops.

In Q1 2025, NFT sales hit $1.5 billion, experiencing a 61% drop compared to the same quarter in 2024.

Even with a general decline in market activity, OpenSea has once again emerged as the leading platform for NFT trading.

OpenSea has held the leading position in NFT marketplace trading volume for the past 30 days, according to data tracker NFTScan.

OpenSea dominates the market with over 40% of the trading volume, while Blur, its primary competitor, captures 23%, according to the data.

Magic Eden has a market share of 7.69%, while OKX NFTs make up 5% of the market.

Nearly 70% of wallets involved in NFT transactions over the last month interacted with OpenSea, according to the data tracker.

More than 610,000 wallets accessed OpenSea, and over the past three months, the platform engaged with over 2.1 million wallets.

The combined market share of wallets using Magic Eden, Blur, and OKX NFT reached 17%, or about 103,000 wallets, compared to OpenSea.

The platforms collectively had 380,000 wallets involved in NFT transactions during the last three months.

In Q4 2024, OpenSea focused on promoting the introduction of its new platform, OS2.

According to OpenSea co-founder and CEO Devin Finzer, they intended to “reimagine everything,” with a new version arriving in December.

OpenSea made the open beta for OS2 available to the public on February 13, following a phase where only private beta users had access.

Alongside the announcement, OpenSea hinted at the launch of SEA, the project’s official token.

The project expanded its scope, launching a refreshed NFT marketplace and venturing into the crypto token trading market.

On April 19, OpenSea announced that it had launched Solana trading for all users, bypassing the planned closed beta phase that was to be limited to 50,000 users.

OpenSea users can now trade Solana tokens, including trending memecoins like Bonk and Ai16z, thanks to the new feature.

As the platform evolved, the NFT marketplace also emerged unburdened by regulatory scrutiny.

Finzer stated on February 22 that the US Securities and Exchange Commission had halted its investigation into the digital collectible platform.

Despite the slowdown in NFT sales, OpenSea is strengthening its hold on the market.

In Q1 2025, NFT sales volumes amounted to $1.5 billion, down 61% from the $4.1 billion recorded in Q1 2024, according to CryptoSlam data.

Though sales volumes are down, various metrics show that NFTs still draw attention from numerous traders.

Over the last seven days, the number of NFT buyers exceeded 359,000, showing a 52% jump compared to the week before, according to CryptoSlam.

Despite the volume slowdown, collections continue to show signs of activity.

CryptoPunks saw an 82% surge in sales over the last week. Sales for the collection hit close to $20 million in the past 30 days.