OpenSea Reimagines Its Role as a Crypto Aggregator Amid Significant NFT Market Decline

OpenSea NFT Crash

OpenSea, which once epitomized the NFT boom, has made a significant shift as the trading volumes in this sector have plummeted by over 90% since their peak in 2021. The NFT marketplace is now rebranding itself as a multi-chain crypto trading aggregator, expanding its focus beyond digital collectibles to embrace the broader token trading landscape.

Under the leadership of CEO Devin Finzer, OpenSea has transitioned into a “trade-any-crypto” platform that now supports 22 different blockchains. This strategic shift comes in the wake of one of the steepest downturns in NFT history, with the market's valuation dropping from a high of $20 billion in early 2022 to approximately $4.87 billion by October 2025, as reported by CoinGecko.

OpenSea's Market Decline
Source: CoinGecko

Finzer explained that this pivot towards crypto aggregation serves as both a survival tactic and a strategic move aligned with industry trends. “You can’t fight the macro trend,” he stated. “People want to trade everything—not just digital art.”

The new business model will aggregate buy and sell orders from decentralized exchanges such as Uniswap and Meteora, generating approximately $16 million in revenue through a 0.9% transaction fee during the same period. OpenSea also emphasizes that it does not enforce know-your-customer checks, claiming such practices do not align with its non-custodial model; however, the platform utilizes blockchain analytics to identify suspicious transactions.

OpenSea's evolution into a multi-asset aggregator mirrors a broader trend among NFT-focused companies adapting to the fluctuating crypto economy. Earlier this year, the Solana-based marketplace Magic Eden acquired the trading platform Slingshot to broaden its offerings beyond NFTs.

Key Takeaways

OpenSea has transitioned from a leading NFT marketplace to a multi-chain crypto trading aggregator amid a significant decline in NFT trading volumes.
The platform now supports 22 blockchains, focusing on crypto trading rather than solely digital collectibles.
OpenSea has reported a major increase in trading volume, achieving $1.6 billion in crypto trades and $230 million in NFT transactions in October 2025.
Other NFT-focused platforms are also adapting to the changing market, with acquisitions and strategic pivots.
OpenSea plans to launch a mobile app and an independent foundation to issue its own token.

OpenSea's Trading Volume Surges as It Evolves

In January 2022, during the NFT craze, OpenSea generated $125 million in monthly revenue and was valued at $13.3 billion, making it one of the most valuable startups in the crypto space. However, by late 2023, as the allure of digital collectibles diminished, its monthly revenue dropped to approximately $3 million. This led to substantial layoffs, reducing the workforce from about 175 employees to around 60.

This downturn was further exacerbated by competition from rivals like Blur, which attracted traders with zero fees and no royalties for creators. OpenSea's decision to relax its royalty structure backfired, leading to backlash from artists and collectors who felt the company was losing touch with its roots.

To confront dwindling market share and financial pressure, Finzer began a comprehensive overhaul. The company has relocated its headquarters to Miami, with most employees now working remotely. In early October 2025, OpenSea recorded a significant trading volume of $1.6 billion in crypto trades and $230 million in NFT transactions—its best results in three years.

OpenSea surpassed $2.6 billion in trading volume this month, with over 90% attributed to token trading.

"This is just the beginning of our transformation, from ‘NFT marketplace’ to ‘trade everything.’ NFTs were chapter one for us."
— dfinzer.eth | opensea (@dfinzer)

OpenSea's Future Plans: Token Launch on the Horizon

OpenSea’s resurgence aligns with changing investor attitudes within the digital asset space. Although Bitcoin and other cryptocurrencies have experienced a rebound, NFT trading remains significantly down from its peak levels. Collections like Bored Ape Yacht Club have seen their floor prices fall sharply, plummeting from around $400,000 at their high to around $32,000 currently.

NFT Market Overview
Source: CoinGecko

Blur, the competitor that once dethroned OpenSea, has also seen its activity decline, with monthly volumes dropping from over $1 billion in early 2023 to just $92 million last month, as noted by DappRadar.

Despite the ongoing slump, there are signs of a potential recovery in the NFT market in 2025. DappRadar reported a 94% increase in NFT market capitalization in July, reaching $6.6 billion, driven mainly by renewed interest in blue-chip assets like CryptoPunks and Pudgy Penguins. CryptoPunks experienced a floor price increase of 53%, and Pudgy Penguins surpassed Bored Ape Yacht Club by market cap.

Despite these glimmers of recovery, trading volumes remain unpredictable. After a brief resurgence mid-2025, NFT sales have again slowed, with daily volumes sitting around $8 million, based on CoinGecko data.

Blockchain Activity Overview
Source: NFTpulse

Currently, Base, Coinbase's Layer-2 network, dominates NFT transactions, accounting for more than half of all activity across blockchains, followed by Ethereum, Polygon, and Solana.

OpenSea's "2.0" vision includes plans for a mobile application and the establishment of an independent foundation dedicated to issuing an OpenSea token. Finzer expressed that the aim is to make crypto trading as user-friendly as Robinhood, but fully self-custodial, allowing users to maintain control over their assets across different chains.