OpenSea emerges as top NFT marketplace as competitors lag in user engagement
OpenSea, a non-fungible token (NFT) marketplace, has reclaimed its position as the top platform for digital collectible trading, despite a decrease in overall market activity.
According to data from NFTScan, OpenSea has maintained the highest trading volume in NFT marketplaces for the past 30 days. The data shows that OpenSea accounts for over 40% of the market’s trading volume, with its closest competitor, Blur, holding 23%. Magic Eden holds a 7.69% market share, while OKX NFTs have a 5% market share.
In the last month, nearly 70% of wallets transacting with NFTs interacted with OpenSea, totaling more than 610,000 wallets. Over the last three months, OpenSea engaged with over 2.1 million wallets on its platform.
In comparison, Magic Eden, Blur, and OKX NFT combined for a market share of 17%, with around 103,000 wallets in the last three months trading NFTs on their platforms.
NFT marketplace wallet distribution data. Source: NFTScan
OpenSea regains NFT dominance with platform advancements
In the last quarter of 2024, OpenSea promoted the launch of its new platform OS2. Co-founder and CEO Devin Finzer announced a complete redesign, with the new version set to debut in December.
On Feb. 13, OpenSea launched the open beta for OS2, allowing the public access after a period of limited availability for private beta users. The marketplace also teased the launch of its official token, SEA.
In addition to a new marketplace, OpenSea ventured into crypto token trading. On April 19, the platform opened Solana trading access to all users, skipping a closed beta phase. This feature allows users to trade Solana tokens, including popular memecoins like Bonk and Ai16z.
Alongside platform developments, OpenSea was also cleared of regulatory scrutiny as the US SEC ended its investigation into the marketplace on Feb. 22.
Related: Polygon NFTs overtake Ethereum collectibles in 7-day sales
NFT sales decline by 61% in Q1 2025
Despite a slowdown in NFT sales volumes, OpenSea has regained its market dominance. CryptoSlam data indicates that NFT sales volumes reached $1.5 billion in Q1 2025, a 61% decrease from the same period in 2024 when volumes were $4.1 billion.
Despite the decline in sales, over 359,000 NFT buyers were recorded in the last seven days, a 52% increase from the previous week, showing ongoing interest in NFTs. Collections like CryptoPunks saw an 82% increase in sales in the last seven days and almost $20 million in sales volumes in the last 30 days.
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