NFT sales volumes slump but activity continues
NFT sales volumes fell sharply in the first quarter of 2025, totaling $1.5 billion — a steep 61% decline compared to $4.1 billion during the same period in 2024. Despite the overall slowdown, non-fungible token (NFT) marketplace OpenSea has regained its top position in digital collectible trading.
OpenSea dominates NFT trading volumes once again
According to NFTScan data, OpenSea has led NFT marketplace trading volume over the past 30 days, capturing over 40% of the market share. Blur, its largest rival, holds 23%, while Magic Eden and OKX NFTs trail behind at 7.69% and 5%, respectively.
Nearly 70% of NFT wallets interacted with OpenSea last month, amounting to more than 610,000 active wallets. Over the last three months, OpenSea has seen more than 2.1 million wallets engage with its platform, dwarfing the combined 380,000 wallets using Blur, Magic Eden, and OKX NFTs.
OS2 launch and Solana token trading fuel OpenSea’s momentum
OpenSea’s resurgence follows major platform developments. In late 2024, OpenSea unveiled its OS2 platform, promising to “reimagine everything.” The open beta for OS2 launched on February 13, 2025, after an initial closed beta phase.
The NFT marketplace also hinted at the upcoming launch of its official token, SEA. Adding to its innovations, OpenSea expanded into crypto trading by introducing Solana token support. On April 19, OpenSea opened Solana trading to all users, bypassing a planned limited beta. Users can now trade Solana-based tokens like Bonk and Ai16z directly on the platform.
Regulatory clearance strengthens OpenSea’s position
In February, OpenSea received another boost when the U.S. Securities and Exchange Commission dropped its investigation into the marketplace. CEO Devin Finzer confirmed the end of the probe on February 22, removing a significant regulatory overhang.
NFT buyer interest remains despite lower volumes
Although NFT sales volumes dropped significantly, trading activity suggests continued interest. CryptoSlam reported over 359,000 NFT buyers in the past week, a 52% increase compared to the previous week.
Certain collections are also seeing renewed momentum. CryptoPunks, one of the most iconic NFT collections, surged 82% in sales over the past seven days and generated nearly $20 million in trading volume over the last 30 days.
