OpenSea has reaffirmed its dominance in the NFT marketplace arena, bolstered by the launch of its new platform OS2, a cleared regulatory hurdle, and strategic expansions into Solana trading. The platform has accounted for nearly 70% of all NFT sales over the last month. With more than 610,000 wallets in active use today, this is another game-changing service. These moves make clear that OpenSea is solidifying its position, even as the broader NFT market continues to cool with lower sales volumes across the board.

OS2 Platform and Feature Expansion

When OpenSea started leaking and then promoting its new platform, OS2, late last fall, it was the start of a major turn. Just last spring, OpenSea co-founder and CEO Devin Finzer was promising that OpenSea would “reimagine everything,” with a completely overhauled version scheduled for December.

Seven months later, on February 13, the company opened OS2’s open beta to everyone. This decision provided the public with access to the platform after an early phase of closed private beta testing. On Solana’s testnet debut day, April 19th, OpenSea made a daring move, opening access to Solana-based trading for everyone. So they cancelled the closed beta phase originally intended for only 50,000 users.

Market Dominance and User Engagement

This past month, OpenSea has dominated the NFT marketplace in trading volume. This accomplishment is a testament to its lasting impact across the sector. In just the last three months, more than 2.1 million unique wallets have engaged with the platform. Of those, just over 380,000 wallets have engaged in the past month and traded NFTs.

Meanwhile, OpenSea—which once dominated the NFT market—has seen a 99% drop in sales volume. Relative to the same period in 2024, it fell by a whopping 61%, or just shy of $20 million. This is indicative of the general market trend of decreasing NFT sales volumes.

Regulatory Update

On February 22, OpenSea woke up to a thrilling piece of news! The US Securities and Exchange Commission (SEC) had dropped its own inquiry into the company. This strikethrough eliminates a possible legal cloud and gives OpenSea more certainty to continue operating its marketplace in the future.