By 2025, the NFT craze has almost become a thing of the past. The boom period in 2021 and early 2022—with digital artworks like Beeple’s $69.3 million piece, CryptoPunks collections traded for tens of millions of dollars, and a wave of celebrities joining the Bored Ape Yacht Club—has significantly cooled down. According to CoinMarketCap, the total NFT market capitalization has decreased by up to 99%, from a peak of $184 billion in 2023 to just around $487 million.
In response to the structural decline of NFT activity, major exchanges have been forced to adjust their strategies. Platforms like OpenSea and Magic Eden have expanded their scope, no longer limited to non-fungible assets but also supporting fully fungible tokens. Industry experts see this as an inevitable step to maintain competitiveness within the growing digital asset ecosystem.
In early 2025, OpenSea announced a comprehensive platform restructuring, integrating cross-chain token trading through its own DEX. The new OS2 version allows trading across 19 blockchains, accompanied by the Voyages rewards program, demonstrating its ambition to become a trading hub for all types of digital value.
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