Business Transformation: OpenSea is shifting from a traditional NFT marketplace to a full-chain integrated trading platform, with token trading emerging as its new growth driver. On October 15, token trading volume hit a record high of $474 million.

Change in Trading Structure: Token trading volume has surpassed NFT trading since mid-September. Over the past 30 days, token trading contributed 56.8% of OpenSea’s annual revenue, with the Base chain being the primary contributor.

User Participation Characteristics: The trading growth is primarily driven by high-frequency operations of existing users, with repeat users accounting for 94.2%. New user contributions remain limited.

Strategic Initiatives: OpenSea is enhancing user experience through airdrop incentives, multi-chain integration (e.g., Base, Arbitrum), and mobile AI tools. The platform plans to launch the SEA token in Q1 2026, with 50% of the supply allocated to the community.

Future Outlook: Airdrop programs continue to drive short-term engagement. After the token launch, OpenSea intends to introduce staking features to support long-term ecosystem growth.

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Summary

Author: Nancy, PANews

There is no doubt that the NFT market has entered a prolonged adjustment phase after a brief period of boom. As speculative fervor subsided, numerous projects stalled or were eliminated, and OpenSea, once an NFT trading giant, shifted from "unicorn" status to "survival mode," with its valuation significantly shrinking amid industry turmoil.

Facing stagnant business growth and profitability concerns, OpenSea is actively seeking transformation. It aims to evolve into a full-chain integrated trading platform while leveraging airdrop incentives to re-engage users and liquidity.

Token Trading Surpasses NFTs, Driven Largely by Existing Users

OpenSea’s business focus is rapidly shifting from traditional NFT trading to token trading.

According to Dune data, OpenSea’s trading volume remained low until April of this year, hovering around several million dollars daily, with the market still centered on traditional NFT trading. However, a significant turning point occurred in mid-September when token trading volume surged, surpassing NFT trading for the first time and continuing to widen the gap, becoming the platform’s new growth engine. On October 15, OpenSea’s token trading volume reached $474 million, a record high, while NFT trading volume was only $13.747 million, accounting for less than 2.9% of the total.

So far this year, OpenSea’s cumulative token trading volume has reached $3.55 billion, with $3.03 billion (approximately 85.4% of the annual total) generated in the past 30 days. These transactions primarily occurred on Base, Arbitrum, and Ethereum, with Base standing out as the main contributor. For example, on October 16, Base accounted for 58.2% of the platform’s total trading volume of over $470 million.

The surge in token trading has directly impacted OpenSea’s revenue structure. Dune data shows that token trading generated approximately $25.5 million in revenue over the past 30 days, accounting for 56.8% of OpenSea’s total revenue ($44.9 million) this year.

In contrast, the NFT market’s total trading volume this year was only $1.82 billion, less than half of token trading. Over the past 30 days, NFT-related revenue was approximately $5.57 million, far below that of the token sector. As of October 15, NFT trading was primarily distributed across Ethereum, Base, and HyperEVM.

Notably, the significant increase in OpenSea’s trading activity is not driven by new users but by frequent operations of existing users. Since the second half of 2025, the number of active addresses on the platform has risen noticeably, with repeat users consistently making up a high proportion. For instance, on October 13, there were 276,000 active addresses, of which 94.2% were repeat users. This indicates that OpenSea’s trading growth relies more on the re-engagement and high-frequency activity of existing users rather than new user expansion.

In short, OpenSea’s short-term surge is fueled by high liquidity in the token trading market and deep engagement from its existing user base.

Aiming to Build a Full-Chain Integrated Application, Leveraging Airdrop Incentives to Accelerate Transformation

In July of this year, OpenSea announced its plan to create a full-chain integrated application, combining NFTs, tokens, and DeFi functionalities to provide users with a new experience. This strategic layout began taking shape months earlier.

In February 2025, OpenSea fully initiated its transformation by launching the public beta of OS2, a completely revamped product. OS2 features a new interface, enhanced search functionality, and modes for both collectors and professional users. In addition to traditional NFT trading, the platform supports token swaps and native cross-chain purchases, integrates multiple blockchains, and employs diverse incentive mechanisms to boost user participation.

Simultaneously, OpenSea announced its token issuance plan to reward long-term supporters and OG users while promoting sustainable development. As the official statement explained, "The NFT bull market changed us—we became too corporate, too Web2, too risk-averse, and lost sight of building for our users." This long-awaited news reignited market interest. During the NFT bull market, competitor Blur had captured a significant share of OpenSea’s market through its token launch, highlighting the importance of such a move.

To drive token trading, OpenSea has made efforts on both product and technical fronts. The platform integrated multiple blockchains, including Solana, HyperEVM, Base, Polygon, Arbitrum, and Sei, and collaborated deeply with applications like Uniswap, MetaMask, Meteora, and Coinbase Wallet to optimize the cross-chain trading experience. Additionally, OpenSea acquired Rally, incorporating its mobile-first Web3 application and Rally wallet, which supports token trading across 19 blockchains. The newly launched mobile app also natively integrates the AI tool "OpenSea Intelligence," enabling real-time cross-chain portfolio analysis and one-stop trading, providing users with intelligent asset management and trading experiences.

In terms of activating user traffic, OpenSea has actively capitalized on market trends. For example, the platform listed tokens related to the NFTStrategy trend and injected 20 ETH into reward pools to incentivize trading activity. The airdrop incentive program has been an even more critical driver. Last month, OpenSea announced the final phase of pre-TGE rewards and launched a "Treasure Box" event. Users can earn rewards through cross-chain transactions, daily tasks, and collecting supplies to upgrade their boxes. The platform allocates 50% of fees to user incentives. Since the event’s launch, cumulative trading volume has exceeded $2 billion. Wave 1 has concluded, with token and NFT rewards totaling $12.2 million set to be distributed soon. Wave 2 began on October 15 and will run until November 15, with an initial reward pool including OP, SOMI, and ETH tokens worth $1 million. Clearly, OpenSea’s trading activity surge is closely tied to airdrop and reward mechanisms.

According to recent disclosures, OpenSea plans to launch the SEA token in Q1 2026. Fifty percent of the total supply will be allocated to the community, with half available for initial claims. Users participating in the OpenSea Rewards program and OG users will be prioritized. The platform is also evaluating historical usage data and trading volumes from different years and will refine incentive strategies based on user profiles.

After the SEA token launch, OpenSea will offer additional utilities, including staking functionality, allowing users to stake SEA behind their preferred tokens and collections. Moreover, 50% of OpenSea’s revenue will be used to buy back SEA at launch, aiming to ensure token value and the ecosystem’s healthy development.

Meanwhile, OpenSea continues to advance its NFT business, including the OpenSea Flagship Collection NFT reserve plan, which involves over $1 million in acquisitions of historical and emerging NFTs to revitalize the NFT market and enrich the platform’s ecosystem.

In summary, until OpenSea’s airdrop program is fully implemented, short-term market activity will continue to be driven by incentive mechanisms.

Business Transformation: OpenSea is shifting from a traditional NFT marketplace to a full-chain integrated trading platform, with token trading emerging as its new growth driver. On October 15, token trading volume hit a record high of $474 million.

Change in Trading Structure: Token trading volume has surpassed NFT trading since mid-September. Over the past 30 days, token trading contributed 56.8% of OpenSea’s annual revenue, with the Base chain being the primary contributor.

User Participation Characteristics: The trading growth is primarily driven by high-frequency operations of existing users, with repeat users accounting for 94.2%. New user contributions remain limited.

Strategic Initiatives: OpenSea is enhancing user experience through airdrop incentives, multi-chain integration (e.g., Base, Arbitrum), and mobile AI tools. The platform plans to launch the SEA token in Q1 2026, with 50% of the supply allocated to the community.

Future Outlook: Airdrop programs continue to drive short-term engagement. After the token launch, OpenSea intends to introduce staking features to support long-term ecosystem growth.

---

Summary

Author: Nancy, PANews

There is no doubt that the NFT market has entered a prolonged adjustment phase after a brief period of boom. As speculative fervor subsided, numerous projects stalled or were eliminated, and OpenSea, once an NFT trading giant, shifted from "unicorn" status to "survival mode," with its valuation significantly shrinking amid industry turmoil.

Facing stagnant business growth and profitability concerns, OpenSea is actively seeking transformation. It aims to evolve into a full-chain integrated trading platform while leveraging airdrop incentives to re-engage users and liquidity.

Token Trading Surpasses NFTs, Driven Largely by Existing Users

OpenSea’s business focus is rapidly shifting from traditional NFT trading to token trading.

According to Dune data, OpenSea’s trading volume remained low until April of this year, hovering around several million dollars daily, with the market still centered on traditional NFT trading. However, a significant turning point occurred in mid-September when token trading volume surged, surpassing NFT trading for the first time and continuing to widen the gap, becoming the platform’s new growth engine. On October 15, OpenSea’s token trading volume reached $474 million, a record high, while NFT trading volume was only $13.747 million, accounting for less than 2.9% of the total.

So far this year, OpenSea’s cumulative token trading volume has reached $3.55 billion, with $3.03 billion (approximately 85.4% of the annual total) generated in the past 30 days. These transactions primarily occurred on Base, Arbitrum, and Ethereum, with Base standing out as the main contributor. For example, on October 16, Base accounted for 58.2% of the platform’s total trading volume of over $470 million.

The surge in token trading has directly impacted OpenSea’s revenue structure. Dune data shows that token trading generated approximately $25.5 million in revenue over the past 30 days, accounting for 56.8% of OpenSea’s total revenue ($44.9 million) this year.

In contrast, the NFT market’s total trading volume this year was only $1.82 billion, less than half of token trading. Over the past 30 days, NFT-related revenue was approximately $5.57 million, far below that of the token sector. As of October 15, NFT trading was primarily distributed across Ethereum, Base, and HyperEVM.

Notably, the significant increase in OpenSea’s trading activity is not driven by new users but by frequent operations of existing users. Since the second half of 2025, the number of active addresses on the platform has risen noticeably, with repeat users consistently making up a high proportion. For instance, on October 13, there were 276,000 active addresses, of which 94.2% were repeat users. This indicates that OpenSea’s trading growth relies more on the re-engagement and high-frequency activity of existing users rather than new user expansion.

In short, OpenSea’s short-term surge is fueled by high liquidity in the token trading market and deep engagement from its existing user base.

Aiming to Build a Full-Chain Integrated Application, Leveraging Airdrop Incentives to Accelerate Transformation

In July of this year, OpenSea announced its plan to create a full-chain integrated application, combining NFTs, tokens, and DeFi functionalities to provide users with a new experience. This strategic layout began taking shape months earlier.

In February 2025, OpenSea fully initiated its transformation by launching the public beta of OS2, a completely revamped product. OS2 features a new interface, enhanced search functionality, and modes for both collectors and professional users. In addition to traditional NFT trading, the platform supports token swaps and native cross-chain purchases, integrates multiple blockchains, and employs diverse incentive mechanisms to boost user participation.

Simultaneously, OpenSea announced its token issuance plan to reward long-term supporters and OG users while promoting sustainable development. As the official statement explained, "The NFT bull market changed us—we became too corporate, too Web2, too risk-averse, and lost sight of building for our users." This long-awaited news reignited market interest. During the NFT bull market, competitor Blur had captured a significant share of OpenSea’s market through its token launch, highlighting the importance of such a move.

To drive token trading, OpenSea has made efforts on both product and technical fronts. The platform integrated multiple blockchains, including Solana, HyperEVM, Base, Polygon, Arbitrum, and Sei, and collaborated deeply with applications like Uniswap, MetaMask, Meteora, and Coinbase Wallet to optimize the cross-chain trading experience. Additionally, OpenSea acquired Rally, incorporating its mobile-first Web3 application and Rally wallet, which supports token trading across 19 blockchains. The newly launched mobile app also natively integrates the AI tool "OpenSea Intelligence," enabling real-time cross-chain portfolio analysis and one-stop trading, providing users with intelligent asset management and trading experiences.

In terms of activating user traffic, OpenSea has actively capitalized on market trends. For example, the platform listed tokens related to the NFTStrategy trend and injected 20 ETH into reward pools to incentivize trading activity. The airdrop incentive program has been an even more critical driver. Last month, OpenSea announced the final phase of pre-TGE rewards and launched a "Treasure Box" event. Users can earn rewards through cross-chain transactions, daily tasks, and collecting supplies to upgrade their boxes. The platform allocates 50% of fees to user incentives. Since the event’s launch, cumulative trading volume has exceeded $2 billion. Wave 1 has concluded, with token and NFT rewards totaling $12.2 million set to be distributed soon. Wave 2 began on October 15 and will run until November 15, with an initial reward pool including OP, SOMI, and ETH tokens worth $1 million. Clearly, OpenSea’s trading activity surge is closely tied to airdrop and reward mechanisms.

According to recent disclosures, OpenSea plans to launch the SEA token in Q1 2026. Fifty percent of the total supply will be allocated to the community, with half available for initial claims. Users participating in the OpenSea Rewards program and OG users will be prioritized. The platform is also evaluating historical usage data and trading volumes from different years and will refine incentive strategies based on user profiles.

After the SEA token launch, OpenSea will offer additional utilities, including staking functionality, allowing users to stake SEA behind their preferred tokens and collections. Moreover, 50% of OpenSea’s revenue will be used to buy back SEA at launch, aiming to ensure token value and the ecosystem’s healthy development.

Meanwhile, OpenSea continues to advance its NFT business, including the OpenSea Flagship Collection NFT reserve plan, which involves over $1 million in acquisitions of historical and emerging NFTs to revitalize the NFT market and enrich the platform’s ecosystem.

In summary, until OpenSea’s airdrop program is fully implemented, short-term market activity will continue to be driven by incentive mechanisms.