When NFTs boomed in 2021, one NFT market was king. Now that one other NFT growth is right here, might that very same market return to the highest of the mountain? We’re speaking about – after all – the OpenSea NFT market.
OpenSea has performed a giant function in NFTs getting into mainstream consciousness, and was – and for a lot of nonetheless is – the NFT market of alternative for thousands and thousands of NFT merchants world wide. As we speak, it faces extra competitors than ever earlier than – and with NFTs on the rise as soon as once more, OpenSea has quite a lot of floor to realize to get again to the highest.
Right here’s our full 2025 information to OpenSea.
Key Insights
- Created by Devin Finzer and Alex Atallah
- Debuted in December 2017
- The world’s greatest NFT market through the 2021 NFT growth
- Facilitated over $39.5 billion USD in NFT trades (as of December 2024)
- At the moment the third hottest NFT market, after Magic Eden and Blur (as of December 2024)
What’s OpenSea?
OpenSea is an NFT market that helps Ethereum-based blockchains. With OpenSea, customers can create, purchase, and promote all kinds of NFTs, together with digital artwork, collectibles, digital land, and extra.
Created by Devin Finzer and Alex Atallah, OpenSea took benefit of rising curiosity in NFTs within the latter half of the 2010s to change into the #1 NFT market on the planet when NFTs had their first growth in 2021.
With OpenSea, customers can carry out many kinds of NFT transactions, together with:
- Major gross sales: the debut sale of a brand new NFT, through the OpenSea launchpad
- Secondary gross sales: present NFTs which might be listed at a set worth by their holder
- NFT auctions: NFT holders can maintain an public sale for the belongings they’d wish to promote
- NFT presents: potential NFT patrons can suggest a worth to buy an NFT, even when it’s not listed on the market
OpenSea makes use of highly-developed sensible contracts to make sure that transactions are clean, safe and clear. Customers can join lots of the hottest software program wallets to the platform – together with MetaMask, Coinbase Pockets and extra – to view and work together with NFTs throughout the location.
The OpenSea NFT market is well-known as a go-to location for buying and selling the most important NFT collections, together with CryptoPunks, Bored Ape Yacht Membership, Pudgy Penguins and extra. OpenSea additionally helps many smaller collections and initiatives, making it an pleasing platform for each NFT creators and NFT collectors.
The historical past of OpenSea
OpenSea started with the success of CryptoKitties – a blockchain recreation developed by Dapper Labs that debuted in 2017. With its success, Finzer and Atallah recognised the potential of NFTs, and they also got down to construct an NFT market that might assist these fast-growing belongings.
The OpenSea NFT market went dwell in December 2017, and shortly grew a fanbase off the again of its user-friendly design – one of many first NFT marketplaces on the market that was designed from the ground-up to be as approachable for newcomers as potential.
OpenSea shortly rose to change into the #1 NFT market, despite the fact that buying and selling volumes have been somewhat modest to start with. This modified in 2021, when the explosion of NFTs noticed buying and selling volumes attain billions of {dollars} in only a few months, placing OpenSea on the very coronary heart of the NFT business.
The OpenSea capitalised on this success in successive funding rounds. They raised $100 million USD in July 2021, and an additional $300 million USD in January 2022, which took the valuation of OpenSea to a unimaginable $13.3 billion USD.
Halfway by 2022, NFTs noticed a decline in standard curiosity. Regardless of this, OpenSea used the funds generated over the previous 12 months to increase. In April 2022, OpenSea acquired the trader-focused NFT market Gem, relaunching it as OpenSea Professional in April 2023.
OpenSea confronted its first main competitor in October 2022, with the debut of NFT market Blur. OpenSea shortly noticed Blur take its crown because the #1 NFT market, with its detail-focused consumer interface and an upcoming token launch engaging many customers to modify throughout.
2023 and 2024 have seen additional challenges to OpenSea, with the surge in recognition of NFTs on Solana – a blockchain OpenSea doesn’t assist – serving to Magic Eden rise to change into the brand new #1 NFT market on the planet.
Regardless of all of its success, OpenSea has additionally been by quite a few controversies. In its early days, OpenSea struggled to each detect and forestall gross sales of NFTs with plagiarised paintings, or that have been outright stolen. Fortunately, quite a few safety developments and platform updates over time have helped to largely mitigate each of those points.
OpenSea has additionally been met with backlash for its back-and-forth stance on supporting creator royalties. Their wavering stance on this matter was one of many main causes behind the rise in recognition of rival NFT market equivalent to Blur and Magic Eden.
As we enter 2025, many deem OpenSea to be the third hottest NFT market, coming in behind each Magic Eden and Blur. With NFT curiosity selecting up as soon as once more nevertheless, there’s loads of alternatives for the order to shake up as soon as once more within the 12 months forward.
What’s subsequent for OpenSea?
As we speak, OpenSea finds itself in an attention-grabbing place.
In current months, rumours have been circulating that OpenSea is lastly getting ready to debut its personal token. This may permit it to meet up with its rivals – with two of the most important, Blur and Magic Eden, having already launched their ecosystem tokens in $BLUR and $ME.
November 2024 noticed OpenSea tease a revamp of their complete NFT market expertise, with this new website set to reach in December 2024. For these with entry to personal assessments, the suggestions has been constructive – but it surely stays to be seen if this may rework OpenSea’s fortunes and take them again to the summit of the NFT business.
Within the NFT growth of 2021, OpenSea was in the proper place on the proper time to capitalise. This time round, OpenSea begins the race just a few lengths behind. With their historical past and expertise nevertheless – and naturally with the revamped market expertise on the best way – 2025 might see huge adjustments within the websites we use to purchase, promote and commerce NFTs as soon as once more.
