How NFT Marketplaces Adapted to Survive in 2025
NFT trading volumes and market capitalization have collapsed by 99% from their 2023 highs, forcing major NFT marketplaces like OpenSea and Magic Eden to adapt. OpenSea rebuilt its platform in early 2025, launching OS2 to enable trading in both NFTs and fungible tokens across 19 blockchains, along with a new rewards system, to diversify its user base and remain relevant as NFT demand waned. Magic Eden also entered the token trading space through an acquisition but considers its main focus to be crypto entertainment products, such as virtual packs featuring assets like Pokémon cards and upcoming ventures like Dicey, a crypto casino and sportsbook. Both platforms have diversified their offerings to stabilize user engagement and revenue amid declining NFT activity. Their ability to thrive hinges on whether they can successfully position themselves as indispensable cultural and liquidity hubs in the expanding digital asset ecosystem.
