OpenSea regains NFT market lead as rivals fall behind in user activity

Non-fungible token (NFT) marketplace OpenSea has regained its position as the leading platform for digital collectible trading, even as overall market activity declined.

Data tracker NFTScan shows that OpenSea has held the top spot in NFT marketplaces’ trading volume for the last 30 days. According to the data site, OpenSea holds over 40% of the market’s trading volume, while Blur, its largest competitor, is at 23%. Meanwhile, the NFT platform Magic Eden has a 7.69% market share, while OKX NFTs have a 5% market share.

The data tracker also shows that in the last month, almost 70% of the wallets transacting with NFTs engaged with OpenSea. The data shows that over 610,000 wallets opted to use OpenSea over its competitors. In the last three months, the data shows OpenSea had over 2.1 million wallets engaging with its platform.

By comparison, wallets engaging with Magic Eden, Blur and OKX NFT only reached a combined market share of 17%, around 103,000 wallets. In the last three months, the platforms had a total of 380,000 wallets trading NFTs on their platforms.

OpenSea regained NFT dominance amid platform developments

In the last quarter of 2024, OpenSea continuously promoted the launch of its new platform OS2. At the time, OpenSea co-founder and CEO Devin Finzer said they would “reimagine everything,” and that a new version would come in December.

On Feb. 13, OpenSea launched the open beta for OS2, allowing the public to finally use its platform after a period of reserved access for private beta users. At the time, the NFT marketplace also teased the launch of the project’s official token, SEA.

Apart from launching a revamped NFT marketplace, the project ventured into crypto token trading.

On April 19, the platform announced that it had opened its Solana trading access for all its users, skipping a scheduled closed beta phase limited to 50,000 users. The new feature allows OpenSea users to trade Solana tokens, including popular memecoins like Bonk and Ai16z.

In addition to platform developments, the NFT marketplace had also been freed from regulatory scrutiny. On Feb. 22, Finzer announced that the US Securities and Exchange Commission had dropped its investigation into the digital collectible marketplace.

NFT sales dropped 61% in the first quarter of 2025

OpenSea is regaining its market dominance amid a slowdown in NFT sales volumes. CryptoSlam data shows that in Q1 2025, NFT sales volumes reached $1.5 billion. This represents a 61% decline compared to the $4.1 billion volume in the same period in 2024.

Despite declining sales volumes, some metrics showed that NFTs are still interesting to many traders. CryptoSlam shows over 359,000 NFT buyers in the last seven days, a 52% increase compared to the previous week.

Furthermore, despite a volume slowdown, some collections have continuously shown signs of life. In the last seven days, CryptoPunks surged 82% in sales. In the last 30 days, the collection reached almost $20 million in sales volumes.