OpenSea, the pioneering NFT marketplace, is evolving into a universal hub for trading all types of on-chain assets, signaling a significant shift in its business model. Despite a 90% crash in NFT trading volumes from 2021 highs, OpenSea is not abandoning NFTs; instead, it's expanding its scope to encompass a wider range of cryptocurrencies, including meme coins and other virtual assets.
CEO Devin Finzer announced that OpenSea's trading volume in October has exceeded $2.6 billion, with over 90% of that amount stemming from token trading. This milestone underscores the platform's ongoing transformation from a dedicated NFT marketplace to a comprehensive platform for trading everything. Finzer envisions OpenSea as "the universal interface for the entire on-chain economy," encompassing tokens, collectibles, culture, and both digital and physical assets. The goal is to enable seamless trading of any asset that exists on-chain across any chain, while maintaining full user control over their assets.
OpenSea now operates as a multichain aggregator, supporting trading across 22 blockchains. It aggregates buy and sell orders from decentralized exchanges (DEXs) like Uniswap and Meteora and charges a 0.9% fee on transactions. The platform employs a non-custodial model, foregoing KYC checks and instead utilizing tools from TRM Labs to identify suspicious or sanctioned addresses.
To further solidify its transition, OpenSea plans to launch its native token, $SEA, in the first quarter of 2026. Half of the token supply will be allocated to the community, with a significant portion distributed through an initial claim process prioritizing early users and reward program participants. The $SEA token will also introduce staking features linked to users' preferred NFT tokens and collections. Furthermore, OpenSea intends to use 50% of platform revenue for token buybacks, aiming to stabilize token value and expand the ecosystem.
This strategic shift comes after a challenging period for OpenSea. Following the peak of the NFT boom in January 2022, the platform experienced a significant decline in revenue, falling from $125 million per month to just $3 million by the end of 2023. This downturn forced the company to reduce its staff by more than half. Competition from rival marketplaces like Blur and Magic Eden, which offered zero-fee trading, added to the pressure.
Despite these challenges, OpenSea has shown signs of recovery. The company handled $1.6 billion in crypto trades and $230 million in NFT transactions in the first two weeks of October 2025, marking its strongest month in over three years.
Finzer emphasizes that this move towards crypto aggregation is both a survival strategy and a forward-looking bet on the future of the industry. He acknowledges the changing landscape, stating that "People want to trade everything—not just digital art". OpenSea's evolution reflects a broader trend among NFT-focused firms adapting to the dynamic crypto economy. The launch of the $SEA token aims to unify trading across multiple asset types, creating a Web3 trading ecosystem where users can seamlessly trade tokens, NFTs, and even physical assets.
