OpenSea Grabs 42% of NFT Market After 0.5% Fee Cut as Rivals Lag

A recent report revealed that OpenSea has maintained the top position in non-fungible token (NFT) marketplace trading volume over the past 30 days. Transaction volumes spiked as traders flocked to OpenSea’s revamped platform, drawn by lower fees and cross-chain support.

Can Wallet Growth Reignite NFT Mania?

According to data from NFT Scan, the total trading volume in the past 30 days reached $155.1 million. OpenSea’s dominance is clear when compared to its competitors in terms of market share.

Blur, one of the biggest rivals, commands 23.16% of the market, while established names like CryptoPunks and Magic Eden hold 10.97% and 7.67%, respectively.

OpenSea NFT Market holds 41.91% distribution of trading activity | Source: NFT Scan

Other platforms, such as OKX NFTs, CoralCube, and smaller players, share 4.98%, 5.21%, and 6.10% of the market, respectively.

OpenSea’s lead goes beyond trading volume. It also attracts the most users.

Last month, 615,300 wallets traded NFTs, and 69.62% (428,363 wallets) used OpenSea.

In contrast, rivals like Magic Eden and Blur drew only 7.24% and 5.14% of users. The gap widens over time.

Across three months, OpenSea secured 66.12% of all wallet engagements (1.424 million out of 2.2 million).

Magic Eden, the closest competitor, held just 8.77% (188,954 wallets). These figures reflect OpenSea’s ability to maintain a strong user base despite competition from other NFT platforms.

OpenSea’s OS2 Upgrade and 0.5% Fees Leave Rivals Struggling

The revamped OS2 platform, launched in February, slashed marketplace fees from 2.5% to 0.5%, eliminating swap fees.

It also featured integrated support for Solana token trading , cross-chain purchasing, and real-time analytics, further differentiating the platform from competitors like Blur and Magic Eden, which haven’t matched these upgrades.

Features like a homepage redesign and faster browsing also improve the user experience.

Another important development is the introduction of the SEA token. The asset is designed to reward loyal users.

Regulatory clarity has also played a major role.

In early February, OpenSea founder Devin Finzer announced that the U.S. Securities and Exchange Commission (SEC) had closed its investigation into the platform without charges.

Beyond doubt, the news reduces legal uncertainty and reinforces user trust.

As the NFT ecosystem matures, OpenSea’s technical advancements and strategic pivots remain central to its sustained dominance.

Why NFT Sales Still Lag Behind 2022 Highs

Despite growing wallet activity, NFT sales languish 62% below 2022’s peak. While trader participation continues to increase, structural challenges constrain meaningful recovery.

The NFT market experienced modest growth in 2024. CryptoSlam data tracker revealed annual sales of $8.88 billion, a 1.1% increase over 2023’s $8.7 billion. This pales against 2022’s $23.7 billion peak, representing a contraction of 62.8%.

By comparison, the 2024 sales figure marks a major drop of 43.9% from 2021 and 62.8% from 2022.

Despite some signs of a resurgence in the NFT space, the overall momentum slowed considerably as 2024 progressed.

February 2025 saw a sharp decline in trading activity . The total NFT trading volume dropped to $498 million, a 50% decrease from January. In addition, total sales dipped by 16%.

NFT market lost 50% trading volume in February | Source: Dappradar

However, not all signs were negative. In February, the U.S.-based art collective Kanbas Collection made a major purchase, acquiring a 1-of-1 digital artwork for $3 million .

This sale hinted that the NFT market might be maturing into a more sustainable model compared to the speculative frenzy of previous years.

Even so, NFT trading activity continued to show signs of decline. CryptoSlam data reveals that in the first quarter (Q1) of 2025, NFT sales volume fell to $1.5 billion.

This represents a 61% drop from the same period in 2024, which recorded $4.1 billion. Despite these setbacks, there are signs that interest in NFTs remains alive.

Over the past week, the number of NFT buyers rose by 52%, with over 359,000 new buyers entering the market.

While gradual progress continues, a return to 2022’s exuberant valuations appears unlikely in the current market cycle.

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