The open sea trip has been rough and controversial. The startup, nurtured by the Y-combinator, quickly became a monopoly in the high-tech unicorns and NFT sector. By 2025, the Opensy Timeline had become a “ascending and descent” story.
On February 13th, the New York-based company announced the release of a new version, OS2. Adjustments address some of the concerns while ignoring others.
Despite losing momentum, the NFT (impossible token) market is still alive. The long-term trends are not exciting. Nevertheless, in 2024, the overall trading volume for NFT reached $8.8 billion. The launch of OS2 is intended to reverse trends, but this is hardly an easy task.
Opensea and the crisis in the NFT market
Following the decline in the media's NFT market in 2022, we have begun to question whether NFTs are dying. In recent years, the sector has been a number of frauds (users have lost tens of millions of dollars), security breaches, insider trading, and hypocrisy that claims that NFTS is more about art than just money grabs. I received the negativity of
The NFT has been criticized by both Crypto Bros and Crypto skeptics. Some people in the crypto community have been preventing NFTS from diverting more enthusiastic stories from innovation about how they harmed the crypto sector, selling JPEG for millions of dollars and exposing beginners to dangerous investments. I think so. Many people who were less aware of cryptography began to use the terms “cryptography” and “NFTS” interchangeably in relation to both fraud, risk, and gambling.
Almost all charges that point out NFTs will be applied more or less as the sector's dominant market to Opensea (it boasts a 90% market share at its peak, falling to 33% in 2025). According to a Verge article, former company employees likened all the scams, Money Grab and trends that were happening across the platform in 2022 to “Blood Orgy.”
The crypto bear market has exacerbated its wealth as it stores funds in ether (ETH). In 2022, strict prices fell. The rise of powerful competitor platforms, Blur and Magic Edan, contributed to Opensie's faster fall. The company was looking for new directions and ways to revitalize it. At the same time, they continued to do an unexpected series of layoffs. Additionally, the SEC unleashed the battle between NFTS and Opensea.
The NFT market has left the headlines and has effectively shrunk, but Opensea has changed from monopoly to swinging survivors. Platform improvements are essential, and finally we will witness a new version of Opensea.
What will change with the release of OS2?
The platform has gotten a full update. The main direction is to switch to the Web3 realm. Now it allows for both reliable and non-fan token trading. OS2 works seamlessly across different chains, eliminating the need to bridge or exchange tokens. The long-standing launch of Opensea Token ($Sea) is aimed at promoting long-term sustainability.
The announcement was positively fulfilled, and users and beta testers shared their first impressions. Some say that previous features such as searching for sales by characteristics are lacking, but generally updates have been met with support.
Critics have denounced security issues and plagiarism for ruining the Oppsy user experience, and official announcements have barely addressed these issues. Additionally, Opensea founder Devin Finzer highlighted a more disorderly approach to social media.
“NFT Bull Market has changed us,” Fisher said. “We're too business, too Web2, and fear of risk outweighs user building.”
Given how Opensea handled various security issues on the best day, it's a shame there's no safety segment in the announcement.
The switch to Web3 appears to be an attempt to outsource protection to the end users themselves. Hopefully security updates will follow soon.
Perhaps a decline in Opensy's market share and an overall decline in the NFT epidemic could help businesses promote a safer and healthier user experience.
A crypto-friendly climate sets a great background, along with Paul Atkins, who was appointed by President Donald Trump to appointed chairman of the Securities and Exchange Commission. It is still unclear whether Opensea Revamp could become a comeback story.
