OpenSea is solidifying its position as a dominant force in the NFT marketplace, regaining market leadership even amidst an overall slowdown in NFT sales volume. The platform is back in sparking form with the debut of its new OS2 platform. It did widen access to trading Solana and just recently settled a US Securities and Exchange Commission (SEC) investigation.

Previously, OpenSea has been at the top for 30 days worth of trading volume for NFT marketplaces. Almost 70% of wallets that trade NFTs at all have used OpenSea in the past month. This is a great indication of the platform’s increasing popularity among users.

OS2 Platform Launch

During Q4 of 2024, metaverse giant OpenSea was thrilled to announce its new platform, OS2. It’s hard to overstate how important this event is to the platform’s evolution. OpenSea co-founder and CEO Devin Finzer stated OpenSea would:

"reimagine everything" - OpenSea co-founder and CEO Devin Finzer

The next reauthorization is scheduled for December 2024. OS2 meanwhile, saw their open beta start on Feb 13.

User Engagement and Market Performance

As you can see, OpenSea has more astonishing user engagement growing on it. Over 2.1 million wallets have used the platform just in the past three months. Of those, 380,000 wallets actively traded NFTs. To date, over 610k unique wallets have used OpenSea. Sales volume on the platform’s collections has been nearly $20 million in the past 30 days.

On April 19, OpenSea made Solana trading available to everyone. This thrilling announcement would likely bring an entirely new batch of users to their app. OpenSea’s sales volume has recently declined by 61%. This marks a major downturn compared to the $4.1 billion volume seen during the same time period of 2024, emphasizing a larger trend of market deceleration.

SEC Investigation Dropped

The US Securities and Exchange Commission dropped its investigation of OpenSea on Feb. 22. This is an exciting and welcome development that takes another layer of uncertainty out about the platform and its operations – helping build significant trust among users. In addition, CryptoPunks was up 82% in sales over the past seven days on OpenSea.