OpenSea’s CEO Devin Finzer has dismissed the notion that the platform is moving away from Non-Fungible Tokens (NFTs). Instead, he emphasized that OpenSea is evolving into a comprehensive onchain trading hub.
In a recent tweet, Finzer revealed that OpenSea’s trading volume in October surpassed $2.6 billion, with more than 90% attributed to token trading, marking the start of what he describes as a shift to ’trade everything.'
“We’re building the universal interface for the entire onchain economy — tokens, collectibles, culture, digital and physical,” Finzer stated. “The goal is simple: if it exists onchain, you should be able to trade it on OpenSea, seamlessly across any chain, while maintaining complete control of your assets.”
OpenSea, noted as the first significant NFT marketplace since its launch in 2017, has remained a leader in this sector. However, it faced challenges earlier this year due to a decline in the NFT market and increasing competition from platforms like Blur.
Despite these challenges, OpenSea regained its footing in April, capturing over 40% of the NFT market’s trading volume for that month. Currently, it holds a market share of 51%, according to NFTScan.
Transition to Onchain Trading Hub
Finzer outlined OpenSea’s new direction to integrate token trading, swaps, and portfolio management across 22 blockchains.
He highlighted the need for a unified platform, stating, “We realized the same infrastructure expertise that unified NFT trading could unify all onchain trading. Now users can swap from Solana to Ethereum, trade any token, manage any asset, all in one place, without the complexity.”
Finzer positions OpenSea as a viable alternative to both centralized and decentralized exchanges, emphasizing user control of assets throughout the trading process.
Future Developments
Looking ahead, OpenSea plans to launch a mobile app by Q1 2026, facilitating instant crosschain swaps and portfolio tracking. Additionally, the OpenSea Foundation will introduce its SEA token during the same period, promoting governance and participation in the ecosystem.
