OpenSea completed a full platform revamp in February and began supporting token trading across 19 blockchains via its own decentralized exchange, while launching a new reward system called Voyages that could be linked to the forthcoming SEA token. The moves reflect a broader shift from NFT trading toward a digital asset hub. NFT market capitalization, which stood at $184 billion in 2023, has since shrunk to about $487 million, a 99% decline. NFT marketplaces are undergoing structural changes to survive the downturn.
October’s DEX trading volume on OpenSea rose to a record $2.41 billion but fell to $581 million last month, a 75% decline. Given Uniswap’s monthly volume around $800 billion in the same period, the scale gap remains substantial. Magic Eden expanded beyond NFTs by acquiring the meme coin trading app Slingshot in April and now supports multi-chain token trading, though executives say token trading is not the core business. Magic Eden’s Chris Akhavan said the token trading market is already saturated, and the firm is focusing on “crypto entertainment.”
As part of this strategy, Magic Eden operates the Packs platform for digital packs that can include real-world assets like Pokémon cards. Akhavan noted Packs has generated tens of millions of dollars in transactions and said the company plans to expand the entertainment ecosystem with ventures such as a crypto casino and sportsbook platform called Dicey. James Butterfill of CoinShares Research said both platforms are expanding their identity to endure NFT downturn, a move that could improve user engagement and diversify fee revenue.
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