Core Insights - The NFT market has experienced a dramatic decline, with its cumulative market cap dropping 99% from a peak of $184 billion in 2023 to just $487 million in 2025 [2] - Major NFT marketplaces like OpenSea and Magic Eden are adapting by expanding their offerings to include fully fungible tokens, responding to a slowdown in pure NFT activity [2][3] Company Developments - OpenSea announced a complete rebuild of its platform in February 2025, introducing cross-chain token trading through its decentralized exchange (DEX) [3][4] - The new platform, OS2, allows token trading across 19 blockchains and features a new rewards system called "Voyages," which may be linked to the anticipated launch of its SEA token [4] - In October 2025, OpenSea achieved a monthly DEX volume of $2.41 billion, although this was followed by a significant drop of 75% to $581.48 million in November [5] Market Comparisons - OpenSea's trading volumes are significantly lower compared to industry leaders like Uniswap, which generated nearly $80 billion in monthly volume in November [6] - Magic Eden has also expanded into non-NFT trading by acquiring the meme coin trading app Slingshot, but it downplays the significance of token trading in its overall business [6][7]

链上股票会成为一个新的热门赛道hyperliquid会成为这个行业的头部这可能是第一个DEX遥遥领先cex的赛道目前币安、CB、UP，还没有上线股票合约hyperliquid上由trade提供支撑的链上股票合约才正式上线半个月已经遥遥领先其他CEX无论是交易量，深度，还是持仓数据都遥遥领先 https://t.co/fXLlofs8WQ ...