company profile
Founded in 2017 by Devin Finzer and Alex Atallah, OpenSea is a pioneer in the NFT marketplace with over 2.4 million active users. It has driven the adoption of NFTs in mainstream culture, especially during the market boom in 2021.
company history and development
OpenSea was founded in 2017 by Devin Finzer and Alex Atallah and was inspired by the then-popular blockchain game CryptoKitties. The success of CryptoKitties is a testament to the potential of NFTs, and Finzer and Atallah believe that a unified platform is needed to support various types of NFTs. In 2018, OpenSea joined Y Combinator's accelerator program and raised $2.1 million in venture capital in 2019. With the NFT market exploding in 2021, OpenSea became a leader in the industry, handling a large number of transactions and attracting over 2.4 million active users. As of January 2024, its daily trading volume is around $4.5 million, indicating its market size.
core services and features<
spanstyle="font-size: inherit"> OpenSea The core is to provide users with a comprehensive and easy-to-use NFT trading platform. Its main services include:
NFT creation: Artists and creators can mint NFTs directly through OpenSea's tools, without the need for in-depth knowledge of blockchain technology. This lowers the technical barrier to entry into the NFT market.
Multi-chain support: OpenSea supports 19 blockchains, including Ethereum, Polygon, Klatyn, ApeChain, Berachain, Flow, and more. This gives users more flexibility to choose the blockchain network that suits them, especially on the OS2 platform, which enables cross-chain transactions.
OS2 platform: In May 2025, OpenSea officially launched OS2, which is a complete re-engineering of the original platform. OS2 introduces a number of new features, including:
> a new user interface that is more intuitive and easier to navigate, designed to improve the user experience.
Voyages Reward System: A mission-based XP (Experience Points) system that rewards users for their engagement, such as listing NFTs, bidding, or being active in the community. The Voyages system is designed to encourage deeper engagement with the platform.
cross-chain transactions: Enables seamless transactions between different blockchains, reducing transaction costs.
low fees: 0.5% marketplace fee and 0% interchange fee at launch, attracting more users.
> NFT buying and selling: users can buy and sell NFTs at a fixed price or through auction. The platform supports one-to-one trading and batch trading, and is suitable for the needs of individual collectors to professional traders. Users can browse, create, buy, sell, and auction NFTs.
OpenSea Pro: Advanced tools for professional users, including batch transfers, real-time minting overview, and an optimized mobile experience. These tools help professional traders manage their assets more efficiently.
here is a list of blockchains supported by OpenSea:
Polygon: low-cost trading options
Klatyn: Asian market focus
ApeChain: Recently added
Berachain: cross-chain transaction support
Flow: Gaming NFTs Focus
Ethereum: The main network with the highest transaction volume
recent developments and challenges
OpenSea faced some challenges and shifts in early 2025:
OS2 The launch and controversy: The beta version of OS2 was initially limited to users who held Gemesis NFTs, which sparked discontent among some long-time users who felt that the platform favored a specific group. Once officially launched, it will be accessible to all users. OS2 officially exited the beta phase on May 29, 2025, marking a complete upgrade of the platform's user experience.
reward system adjustments: Due to community feedback, OpenSea has paused XP rewards for listing and bidding to optimize the reward mechanism. This adjustment is designed to balance user engagement and fairness.
Market share recovery: After a period of competitive pressure, OpenSea has regained 71.5% of the Ethereum NFT market share, a significant increase from 25.5% four weeks ago, showing its strong competitiveness in the industry.
Valuation Decline: OpenSea's valuation has dropped by 90%, reflecting the downturn of the NFT market as a whole in 2022-2023, but it does not affect its core position in the industry. This may have something to do with market sentiment and investors' cautious attitude.
OS1 deprecation: On June 16, 2025, OpenSea will officially deprecate the legacy interface (OS1) and move entirely to OS2. This decision marks the platform's full embrace of new technologies and user needs.
market positioning and competition
OpenSea occupies a unique position in the NFT market, and its advantages are:
comprehensive: supports multiple NFT types (art, games, collectibles, etc.) and multiple blockchains, covering a wide range of user needs.
user-friendly: even novice users can easily get started without having a deep understanding of blockchain technology.
> Initial Offering Advantage: As the first large-scale NFT marketplace, OpenSea has accumulated a large number of users and traffic to become an industry benchmark.
however, OpenSea also faces competition from emerging platforms (e.g., Blur, X2Y2) that attract a subset of users with lower fees or more focused features. Despite this, OpenSea maintains its leading market share and user base, and it is still seen as the leader in the NFT market in 2025.
future prospects
OpenSea The future is full of potential, and its strategic directions include:
User Engagement Boost: Increase user loyalty and engagement with the Voyages rewards system and community tools.
feature innovation: OpenSea Wallet or OpenSea Layer 2 solutions may be launched to enhance the functionality and efficiency of the platform.
regulatory adaptation: OpenSea has sought regulatory clarity on the NFT marketplace in response to possible regulatory changes in the future, demonstrating its emphasis on compliance.
> multi-chain scaling: continue to support more blockchains and adapt to users' needs for cross-chain transactions. The platform has plans to further optimize the cross-chain functionality.
as the adoption of NFTs expands from digital art to games, virtual worlds, and real-world asset tokens, OpenSea's platform will have the opportunity to support these emerging areas and further solidify its core position in the Web3 ecosystem.
summary <
span style="font-size: inherit">OpenSea is a pioneer and leader in the NFT market, and since its inception in 2017, it has been driving innovation in user experience and technology digital asset trading. With the launch of the OS2 platform, OpenSea has demonstrated its commitment to user experience and technological advancement. Despite market volatility and competitive pressures, OpenSea has maintained its leading position in the industry thanks to its strong user base and continuous innovation. In the future, OpenSea will continue to play a key role in driving the Web3 era as NFTs expand.
