NFTs (Non-fungible tokens) have been a dim memory in 2025. A few years ago, specifically in 2021, these types of cryptoassets changed hands for millions of dollars. However, they are currently struggling to attract investors, with their prices reaching new lows.
According to data from CoinMarketCap, the total NFT market capitalization has plummted 98% from its all-time high of $183 billion to approximately $486 million. The decline in investor interest has forced NFT marketplaces, such as Magic Eden and Opensea, to evolve.
So, what services are these platforms offering? Let’s find out!
OpenSea
Top NFT marketplace by trading volume, Opensea, recently announced the completion of its decentralized exchange (DEX), which facilitates trading of fungible tokens across multiple blockchains.
Known as OS2, the DEX supports 19 networks and rewards users through the “Voyages” reward system. Many anticipate that those who receive rewards for trading on OS2 will become eligible for the long-awaited SEA token airdrop.
OpenSea to Offer More Services in the Near Future
While announcing the launch of the decentralized exchange, OpenSea CMO Adam Hollander stated that the move was necessary to align with current crypto trends. He also revealed that OpenSea will introduce more services, including perps trading, prediction markets, and tokenized real-world assets.
OS2 is already performing exceptionally, generating over $1.1 billion in monthly trading volume since its launch in October, per data from DefiLlama. However, compared to giants in the DEX sector such as Uniswap, which generates $80 billion in average monthly volume, OS2’s figures appear puny.
Magic Eden
The largest NFT marketplace on Solana, Magic Eden, has also expanded its services in 2025. In April, it acquired Slingshot, a meme coin trading platform, signaling its first move toward evolving beyond just NFT trading. This acquisition now allows users to trade multi-chain tokens through Magic Eden’s wallet app and web app.
Meanwhile, Magic Eden, through its Chief Business Officer, Chris Akhavan, insists that token trading isn’t its top focus and that the integration of Slingshot is only intended to serve users who wish to trade fungible tokens.
According to Akhavan, Magic Eden’s primary focus remains on ‘crypto entertainment’ offerings, which let users receive virtual packs that come with real-world assets. He claims that these products have generated millions of dollars in volume since going live a few months ago.
It is worth highlighting that, alongside token trading, Magic Eden plans to introduce a crypto-powered sportsbook and casino called Dicey as part of its mission to become one of the world’s largest crypto entertainment brands.
Analyst Comments on Evolution of NFT Marketplaces
Several market experts support the new direction taken by NFT marketplaces. CoinShares’ James Butterfill, for instance, says the recent moves by OpenSea and Magic Eden are crucial to maintaining their relevance in a fast-evolving crypto industry. He adds that the two platforms needed to expand their economic base to support their operations following a massive drop in NFT trading volume.
Additionally, Butterfill says Magic Eden has significant potential to be the face of digital culture on the Solana ecosystem, claiming that if the platform adds more crypto services, such as gaming, its ‘strategic identity’ could expand, and it may no longer be considered a mere NFT marketplace, but an ‘application layer.’
All told, Butterfill believes the long-term success of these NFT marketplaces relies on their ability to seamlessly integrate NFTs and token rails in a way that cannot be replicated elsewhere.
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