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 – in fact – the OpenSea NFT market.
OpenSea has performed an enormous position in NFTs getting into mainstream consciousness, and was – and for a lot of nonetheless is – the NFT market of alternative for hundreds of thousands of NFT merchants all over the world. As we speak, it faces extra competitors than ever earlier than – and with NFTs on the rise as soon as once more, OpenSea has a variety 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 largest NFT market throughout 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 grow to be the #1 NFT market on the earth when NFTs had their first growth in 2021.
With OpenSea, customers can carry out many sorts of NFT transactions, together with:
- Main gross sales: the debut sale of a brand new NFT, through the OpenSea launchpad
- Secondary gross sales: current NFTs which are listed at a set value by their holder
- NFT auctions: NFT holders can maintain an public sale for the belongings they’d wish to promote
- NFT gives: potential NFT consumers can suggest a value to buy an NFT, even when it’s not listed on the market
OpenSea makes use of highly-developed good contracts to make sure that transactions are easy, safe and clear. Customers can join most 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 positioning.
The OpenSea NFT market is well-known as a go-to location for buying and selling the largest 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 would help these fast-growing belongings.
The OpenSea NFT market went reside 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 novices as attainable.
OpenSea shortly rose to grow to be the #1 NFT market, regardless 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 just some 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 way of 2022, NFTs noticed a decline in well-liked 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 attractive many customers to change throughout.
2023 and 2024 have seen additional challenges to OpenSea, with the surge in recognition of NFTs on Solana – a blockchain OpenSea doesn’t help – serving to Magic Eden rise to grow to be the brand new #1 NFT market on the earth.
Regardless of all of its success, OpenSea has additionally been by way of a lot of controversies. In its early days, OpenSea struggled to each detect and stop 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 resembling 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 choosing up as soon as once more nonetheless, 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 fascinating place.
In current months, rumours have been circulating that OpenSea is lastly making ready to debut its personal token. This might enable it to meet up with its rivals – with two of the largest, 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 web site set to reach in December 2024. For these with entry to personal checks, the suggestions has been constructive – however it stays to be seen if this could 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 a couple of lengths behind. With their historical past and expertise nonetheless – and naturally with the revamped market expertise on the way in which – 2025 might see large modifications within the websites we use to purchase, promote and commerce NFTs as soon as once more.
