OpenSea, once the world’s largest NFT marketplace, is transforming into a full-scale multi-chain crypto trading aggregator as it seeks to revive growth after the NFT market’s dramatic decline. The company, which once dominated digital collectibles, is now expanding its focus to include NFTs, memecoins, and other tokens across 22 blockchains, positioning itself as a universal crypto trading venue.
According to details shared with The Block, the new OpenSea platform integrates liquidity from major decentralized exchanges (DEXs) like Uniswap and Meteora, enabling users to trade tokens seamlessly. The platform operates under a non-custodial model, meaning users maintain full control of their assets. OpenSea takes a 0.9% transaction fee but never holds customer funds, reinforcing the move toward user sovereignty and decentralization.
Unlike centralized exchanges, OpenSea’s revamped structure doesn’t involve Know Your Customer (KYC) checks. Instead, it collaborates with TRM Labs, a blockchain intelligence firm, to monitor and flag potentially sanctioned or suspicious wallet addresses. This approach blends compliance transparency with privacy protection, aligning with Web3’s ethos of open, trustless systems.
The strategic pivot comes after a brutal correction in the NFT sector. OpenSea’s monthly revenue plummeted from $125 million in early 2022 to just $3 million by late 2023, forcing the company to cut over half its workforce. Trading volumes across NFT platforms dropped nearly 95% from their 2021 peak, and once-hyped collections like Bored Ape Yacht Club and CryptoPunks saw their valuations fall drastically.
Despite the downturn, the new model shows promise. In the first half of October 2025, OpenSea processed $1.6 billion in crypto trades and $230 million in NFT transactions—its best performance in over three years. CEO Devin Finzer noted that over 90% of OpenSea’s recent activity came from token trading, signaling that user behavior has shifted beyond digital art.
Finzer explained the pivot as a natural evolution. “You can’t fight the macro trend,” he said. “People don’t wake up wanting a bridge or a rollup — they want one place where every asset they own, from art to tokens to game items and memes, just works.”
Now headquartered in Miami, OpenSea operates with a leaner team of about 60 employees and plans to introduce an OpenSea token via an independent foundation. A new mobile app and platform redesign, dubbed OpenSea 2.0, are also in the pipeline. Finzer told Forbes that the company’s goal is to make trading “as intuitive as Robinhood, but fully self-custodial.”
Conclusion:
OpenSea’s transformation from an NFT marketplace to a multi-chain crypto aggregator reflects the shifting momentum in the digital asset industry. By embracing broader token trading and prioritizing decentralization, OpenSea aims to reclaim relevance in an evolving market where users value liquidity, flexibility, and control over their assets. Its next chapter could redefine how digital ownership and crypto commerce coexist in a post-NFT-boom world.
