Crypto buying and selling platform OpenSea is increasing past non-fungible tokens (NFTs) because the area faces a constant decline in digital collectible buying and selling volumes amid growing competitors.
On July 8, OpenSea introduced that it had acquired the mobile-focused token buying and selling platform Rally to push its enlargement into cellular gadgets and improve its token buying and selling capabilities. The platform mentioned it is going to construct an “onchain the whole lot app” to supply customers with a brand new expertise.
Rally co-founder Chris Maddern, who now works as OpenSea’s chief expertise officer, instructed Cointelegraph that the transfer will convey collectively “one of the best of crypto,” placing the whole lot in a single place.
“Customers are able to do extra with their crypto. They’ll come onchain to entry the broad array of alternatives, belongings and cultural experiences accessible there,” Maddern instructed Cointelegraph.
OpenSea exec outlines new imaginative and prescient for platform
Maddern instructed Cointelegraph that the imaginative and prescient for the brand new mobile-focused NFT platform is a spot the place crypto neighborhood members can discover the whole lot they want; the app will convey NFTs, tokens and decentralized finance (DeFi) in a single software.
“In brief, when you concentrate on doing extra along with your crypto than simply hodling it, you’ll open the OpenSea app,” he instructed Cointelegraph.
When requested about Rally’s position, Maddern mentioned it is going to present the inspiration for the brand new OpenSea cellular expertise. He mentioned the crew, with years of experience in cross-assets and multi-wallet portfolios, would significantly contribute to OpenSea’s new app.
“Combining Rally’s cellular token-trading capabilities with OpenSea’s deep experience and product benefit in NFTs will allow us to foster a very multi-asset ecosystem the place tokens and NFTs will thrive collectively,” Maddern instructed Cointelegraph.
He added that the forthcoming app may even have synthetic intelligence integrations.
When requested how the app will use AI, he mentioned it is going to embody serving to customers with security and permitting customers to higher uncover what they need to do inside the app. He added that it’ll even be used for instructional functions, in serving to individuals study.
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OpenSea’s pivot comes amid greater competitors and decrease NFT volumes
Although OpenSea stays the primary NFT market within the area, it has lengthy misplaced its monopoly on digital collectibles. Information tracker NFTScan reveals that its rivals have been inching nearer.
Prior to now 12 months, OpenSea’s market share was 37.93%. Its closest competitor, Blur, is correct on its tail at 34.22%. The rise of rivals like Magic Eden, OKX NFT and Rarible has additionally saturated the NFT market, with extra gamers sharing within the income because the buying and selling volumes proceed to say no.
OpenSea’s shift into tokens, DeFi and a deal with reaching cellular customers comes as NFT buying and selling volumes have declined within the final 5 quarters.
On July 3, decentralized software (DApp) knowledge tracker DappRadar reported that the NFT area confirmed a constant drop in buying and selling volumes for the reason that second quarter of 2024.
Within the second quarter of 2025, buying and selling volumes had been $823 million, down 385% in comparison with the $4 billion recorded within the second quarter of 2024.
OKX chief business officer Lennix Lai instructed Cointelegraph that the decline signifies the sector’s maturity. He mentioned that the main focus is shifting from hype-driven gross sales to utility-based and community-driven transactions.
Whereas volumes declined in Q1 2025, the gross sales depend elevated. Lai instructed Cointelegraph that consumers had been nonetheless keen to interact with NFTs even when the worth of transactions had decreased.
“I preserve that NFTs are greater than a digital collectible,” Lai instructed Cointelegraph. “The market could also be quieter when it comes to high-value trades, however it’s turning into extra energetic, inclusive and utility-focused.”
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