OpenSea Transformation: From NFT Trading Platform to On-Chain Asset Ecosystem

OpenSea was once a leader in the NFT trading space, becoming a focal point in the crypto market in 2021 due to its quality user experience and network effects. However, with the rise of competitors and the overall cooling of the NFT market, OpenSea's market share has been declining. In response to this situation, OpenSea has begun a series of transformation initiatives, aiming to evolve from a single NFT trading platform into an on-chain multi-asset trading entry.

The Road to Transformation

OpenSea's transformation strategy began in early 2025. In February, the platform announced the issuance of its native token SEA and the launch of the interactive task system Voyages. Users can earn points by completing on-chain tasks, which may serve as qualification certificates for future airdrops. This move is seen as a response to competitors' "trade-to-mine" model, aimed at re-attracting lost traders.

In late May, OpenSea launched the new version of the OS2 platform, supporting token trading on 19 mainstream public chains. The new system integrates NFTs and crypto tokens, emphasizing composability and on-chain native features, and optimizes the mobile experience.

On July 8th, OpenSea acquired the Web3 wallet project Rally. Rally focuses on self-custody wallets for mobile, integrating social features and multi-asset support. After the acquisition, Rally's two co-founders will serve as OpenSea's CTO and Chief of Staff, directly joining the core management team. OpenSea stated that this acquisition will accelerate its "mobile-first" strategy and reduce user onboarding barriers through a native wallet system, enhancing the platform's on-chain trading loop capabilities.

Market Challenges

Despite frequent transformation efforts, the fundamentals of OpenSea have not shown significant improvement. Data shows that as of June 2025, OpenSea's monthly NFT trading volume has dropped to about $120 million, far below the peak of over $4 billion in early 2022. In contrast, competitors like Blur and Magic Eden maintain their advantages in their respective fields.

It is worth noting that the Voyages task system launched by OpenSea has failed to bring about a significant return of users. Many users have become aesthetically fatigued with the "task points + airdrop expectations" model, and the community's enthusiasm and on-chain interaction activity have seen limited improvement. At the same time, the specific launch time, distribution mechanism, and economic model of the SEA token have yet to be announced, and the lack of transparency has led to insufficient market confidence.

Deep Challenges

In addition to liquidity issues, OpenSea also faces challenges in brand positioning and user structure. There are significant differences in the needs of NFT collectors and DeFi traders. The former focuses on artistic value and collectibility, preferring low-frequency trading; the latter emphasizes liquidity, depth, and efficiency, with higher demands for trading experience. OpenSea has primarily targeted the art market and has not been able to timely establish a competitive advantage in professional trading experience.

In addition, the wallet market has several well-known brands dominating. Although Rally has made innovations in social and mobile aspects, its user base and product maturity are still limited. Whether OpenSea can quickly build a wallet product with economies of scale through this acquisition remains to be seen.

Key to Transformation

OpenSea's transformation strategy mainly includes three aspects: building the OS2 ecological closed loop, bridging the gap between NFT and DeFi; launching the SEA token to activate liquidity; and expanding the mobile market through collaboration with Rally. These strategic directions are reasonable, but OpenSea has not demonstrated significant advantages in execution rhythm, community mobilization, and product implementation.

The landing time and incentive model of the SEA token will become key variables in the coming months. If the airdrop fails to materialize for a long time and user activity on the platform continues to decline, OpenSea may face a real risk of marginalization. In the rapidly changing world of cryptocurrency, OpenSea's window for transformation may be limited, and this transformation is both a self-rescue and a gamble.