The new OS2 platform launch, and resolution of a U.S. Securities and Exchange Commission (SEC) investigation into its past operations has only added to its dominance. The platform’s rebirth comes amid a general market cool down of NFT sales volumes. OpenSea's strategic moves, including opening Solana trading access to all users, have solidified its position as a leading platform for NFT enthusiasts. Indeed, over the last 90 days OpenSea has brought in upwards of 2.1 million wallets, including 380,000 that are actively trading NFTs on a regular basis.

OS2 Platform Launch and User Engagement

Fourth quarter 2024, OpenSea released its new platform, OS2. This is a big change for their programming overall. OpenSea co-founder and CEO Devin Finzer said the company would:

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

In fact, the company has recently committed to a new major version of the platform arriving in December 2024. On February 13, OpenSea released the OS2 open beta. This new phase opens things up to everyone, following six months of private access for private beta users. Over 610,000 wallets have used the OpenSea platform.

Nearly 70% of all wallets that have transacted on an NFT used OpenSea in the last 30 days, showcasing its popularity. Over the past three months, an average of 380,000 wallets actively traded NFTs on the platform. In all, upwards of 2.1 million unique wallets transacted on OpenSea.

Solana Integration and Market Performance

Then on April 19, OpenSea opened its Solana trading access to everyone, making its debut across six total blockchains even wider. The company skipped a scheduled closed beta phase limited to 50,000 users for Solana trading, indicating a rapid deployment strategy.

Opensea remains at the top of the market, though the king is beginning to show signs of strain. Its sales volume tanked 61%, down from $4.1 billion over the same 2024 timeframe. OpenSea has led the way on 30-day NFT marketplace trading volume for several months now. They did it with only $20 million in sales for that whole period.

Regulatory Clarity and Market Position

On February 22, the U.S. Securities and Exchange Commission terminated its investigation into OpenSea, lifting a layer of uncertainty. This was a major development just as OpenSea was trying to re-establish its dominance in the market at a time when NFT sales volumes have significantly slowed.

OpenSea’s continued dominance, if it can hold on to that number one spot, would be a testament to its fortitude and creative response to a changing world. Through continuous innovation on its platform and expansion of its offerings, OpenSea continues to be the go-to marketplace for NFT trading and engagement.