OpenSea Reinvents Itself as Crypto Aggregator Amid 90% NFT Volume Crash

Core Insights - OpenSea has transformed from a leading NFT marketplace to a multi-chain crypto trading aggregator as NFT trading volumes have plummeted over 90% from 2021 highs [1][2] - The platform now supports 22 blockchains and aims to become a "trade-any-crypto" platform, reflecting a strategic pivot in response to market trends [1][2] Market Performance - The NFT market capitalization fell from $20 billion in early 2022 to approximately $4.87 billion by October 2025 [2] - OpenSea's monthly revenue dropped from $125 million in January 2022 to just $3 million by late 2023 [4] - In October 2025, OpenSea processed $1.6 billion in crypto trades and $230 million in NFT transactions, marking its highest trading volume in over three years [6] Business Strategy - The new business model aggregates buy and sell orders from decentralized exchanges, generating around $16 million in revenue through a 0.9% transaction fee [2] - OpenSea does not conduct know-your-customer checks, aligning with its non-custodial model while using blockchain analytics to monitor transactions [3] - The company has relocated its headquarters to Miami and reduced its workforce from about 175 employees to around 60 [5] Competitive Landscape - The decline in OpenSea's market share was exacerbated by competition from Blur, which attracted traders with zero fees and no royalties for creators [5] - OpenSea's attempt to adjust its royalty structure in response to competition led to backlash from artists and collectors [5]