I. Seven years of ups and downs: OpenSea's 'throne' defense battle
As the pioneer monopoly in the NFT trading market, OpenSea's rise and fall history can be described as a 'game of thrones' in the Web3 industry.
Since its establishment in 2017, it has become the undisputed industry benchmark with a 95% market share and a valuation of $13.3 billion. However, in 2023, it faced a triple blow from Blur's 'vampire attack', regulatory pressure, and the NFT market winter, resulting in a 96% drop in trading volume and a valuation shrink to $1.5 billion, with rumors of a potential 'sale' circulating.
The turning point began in February 2025, when the SEC announced that it had concluded its investigation into the NFT market. Previously, in August 2024, the SEC issued a Wells notice to OpenSea, accusing it of operating as an unregistered securities trading platform.