As a 'synonym' for NFT trading, OpenSea became one of the most watched platforms in the crypto market in 2021 due to its good user experience and strong network effects. However, with the rise of competitors like Blur and Magic Eden, OpenSea's market share has continued to decline.
In the context of an overall cooling in the NFT track, OpenSea has initiated a series of transformation actions, attempting to evolve from a 'single NFT trading platform' to a 'multi-asset trading entry point on-chain.'
From an NFT exchange to an on-chain asset platform
OpenSea's transformation can be traced back to the beginning of this year.
In February 2025, OpenSea announced for the first time that it would issue its native platform token SEA and launched an interactive task system called Voyages, allowing users to earn points by completing on-chain tasks as a qualification for future airdrops. This move is seen as a response to Blur's 'trading is mining' model, aiming to re-attract lost traders.
In late May, OpenSea announced that the new OS2 platform officially exited the Beta phase, supporting token trading on 19 mainstream public chains, including Ethereum, Solana, and Polygon.
The new trading system integrates NFTs and crypto tokens, emphasizing 'composability' and 'on-chain native' features, and further enhances the mobile experience.
On July 8, OpenSea made another move, announcing the acquisition of the Web3 wallet project Rally, which focuses on a mobile self-custody wallet that integrates social features and multi-asset support.
In this acquisition, Rally co-founder Chris Maddern will serve as OpenSea's CTO, while another co-founder, Christine Hall, will take on the role of Chief of Staff, directly entering the core management team.
OpenSea stated that acquiring Rally will accelerate its 'mobile-first' strategy and reduce the user entry barrier through a native wallet system, enhancing the platform's on-chain trading closed-loop capability.
The NFT market continues to be sluggish, and OpenSea is seriously 'bleeding'.
Despite the tight transformation rhythm, OpenSea's fundamentals have not shown improvement.
According to data from The Block, as of June 2025, OpenSea's monthly NFT trading volume has fallen to about $120 million, far below its peak of over $4 billion at the beginning of 2022.
In contrast, Blur, with liquidity incentives and its native token BLUR, has long dominated the high-frequency trader market, while Magic Eden remains a leader within the Solana ecosystem.
More critically, although OpenSea launched the Voyages task system, it has not led to a significant return of users. A large number of users have shown aesthetic fatigue towards the 'task points + airdrop expectations' model, and community enthusiasm has not warmed up, with limited increases in on-chain interaction activity.
So far, the specific launch time, distribution mechanism, or economic model of the SEA token has not been announced, and the lack of transparency has led to insufficient market confidence.
Brand misalignment and user migration: a more challenging issue to resolve
In addition to liquidity issues, OpenSea also faces deeper brand and user structural challenges.
NFT collectors and DeFi traders exhibit significant differences. The former focuses more on artistry, scarcity, and collectible value, preferring low-frequency trading, while the latter emphasizes liquidity, depth, and efficiency, trading frequently and requiring higher standards for user experience and technical response.
Previously, OpenSea excelled in positioning itself in the art market but failed to establish a competitive advantage in trading experience and specialized products in a timely manner. If this transformation does not quickly build brand recognition among DeFi users, it may face the dilemma of 'having a product but no one using it.'
Additionally, the wallet market has long been dominated by strong brands such as MetaMask and Rainbow. Although Rally has innovated in social and mobile aspects, its user base and product maturity remain limited. Whether OpenSea can build a wallet product with scale effects through this acquisition in the short term remains to be seen.
Transformation may already be the last opportunity
This transformation of OpenSea is both a self-rescue and a gamble.
It is attempting to reshape its competitiveness through three major strategies: building the OS2 ecological closed loop to bridge the gap between NFTs and DeFi, launching the SEA token to activate liquidity, and expanding the mobile market through collaboration with Rally.
These choices are strategically reasonable, but in terms of execution rhythm, community mobilization, and product implementation, OpenSea does not have a clear competitive advantage. When the SEA token will launch and whether it has a clear incentive model will be key variables in the coming months.
If the airdrop fails to land for a long time, the platform's user activity continues to decline, and OpenSea may face a real risk of marginalization. It's important to know that in the crypto world, a few months can feel like an era. OpenSea's transformation window may indeed be limited.
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