OpenSea has returned to NFT marketplace dominance, in the face of an industry-wide decline in NFT sales volumes. And indeed, the platform has experienced unprecedented user growth and trading volume, sealing its fate as a market leader. The comeback comes on the heels of yet another highly hyped launch of a new platform, OS2. It’s in line with strategic, phased rollouts into new blockchain ecosystems.

OS2 Launch and User Engagement

Meanwhile, OpenSea is preparing for the eventual debut of its next-generation NFT marketplace, dubbed OS2, in the fourth quarter of this year. The official debut is now slated for December 2024.

"reimagine everything" - OpenSea co-founder and CEO Devin Finzer

The platform’s open beta for OS2 opened on Feb. 13. Together, these features have helped OpenSea attract a staggering 700,000 users. In just the last three months, more than 2.1 million wallets have interacted with the platform. Over 610k wallets were active on OpenSea, showcasing a healthy amount of user activity.

Trading Volume and Market Position

OpenSea has garnered the highest NFT marketplace trading volume over the past 30 days. Subsequently, OpenSea’s trading volume dropped by 61% year-over-year for the same three-month stretch in 2024. In those early days, the platform boasted the remarkable $4.1 billion in trading volume. The platform’s NFT collection recently eclipsed $20 million in sales volumes in the past 30 days.

The firm fully opened its Solana trading access to all its users on April 19. Nearly 70% of the wallets that have transacted with an NFT interacted with OpenSea within the past month. OpenSea only had a max of 380k unique wallets trading NFTs on their entire platform in an average three month period.

Regulatory Clarity and Future Outlook

On February 22, the US Securities and Exchange Commission closed its investigation into OpenSea. This decision does put regulatory clarity around the platform. This recent advance clears away a possible barrier to OpenSea and lets the company concentrate on its strategic priorities.