How NFT platforms adapted to survive in 2025

Source: PortaldoBitcoin Original Title: How NFT Companies Adapted to Survive in 2025 Original Link: https://portaldobitcoin.uol.com.br/como-as-empresas-de-nfts-se-adaptaram-para-sobreviver-em-2025/ The NFT craze is a distant memory in 2025. It was a time — in 2021 and early 2022 — when Beeple sold a JPEG for US$ 69.3 million, CryptoPunks traded for tens of millions, and celebrities frequented the Bored Ape Yacht Club.

The total market capitalization of NFTs fell 99% from its all-time high of US$ 184 billion in 2023 to just US$ 487 million, according to CoinMarketCap. In this relatively bleak scenario, NFT marketplaces were forced to adapt, with industry giants like OpenSea and Magic Eden expanding their offerings to include fully fungible tokens.

“This shift is largely a response to the structural slowdown in pure NFT activity and the need for marketplaces to maintain relevance in a maturing digital asset ecosystem,” explained a specialized analyst.

“In this environment, a marketplace that once thrived on high-speed trading of profile picture collections now needs a broader economic base.”

In February this year, OpenSea announced a “complete rebuild of its platform” to include cross-chain token trading through its own decentralized exchange (DEX).

Named OS2, the new era of the platform enabled token trading across 19 blockchains with a new rewards system called “Voyages,” which many speculate will play a role in launching the SEA token.

“It’s an evolution of the company and an understanding of where things are heading. Tokens, digital collectibles, tokenized real-world assets, perps, prediction markets — whatever people are valuing online, we want them to be able to trade all of it on the platform.”

In October, OpenSea set a new volume record for its DEX, reaching US$ 2.41 billion in monthly volume. However, this exceptional month proved to be an anomaly, with monthly volumes dropping 75% to US$ 581.48 million in November.

These numbers seem insignificant compared to industry leaders like certain DEXs that generated nearly US$ 80 billion in monthly volume in November.

As for Magic Eden, the marketplace acquired a memecoin trading app in April — a move that allowed Magic Eden to enter the world of token trading beyond NFTs. The marketplace also offers multi-blockchain token trading on its website and through its Wallet app.

According to platform executives, token trading is not a primary focus nor does it represent a significant portion of the business. “This market is extremely commoditized, with many wallets, trading apps, DEXs, and centralized exchanges, etc.”

Despite this discretion, analysts say Magic Eden has been “more aggressive” than OpenSea regarding token trading integration — especially concerning engagement with Solana-based ecosystems and gaming.

“The changes allowed both platforms to stabilize engagement numbers and diversify fee revenue in a year when traditional NFT volumes remained low,” said an expert.

“For marketplaces to succeed long-term, they need to offer structural differentiation or seamless integration between NFT and token platforms — something users cannot easily replicate elsewhere.”

NFTs as Entertainment

Magic Eden is focusing on what it calls its “crypto entertainment” offerings — not token trading. The first of these is the Packs platform, which allows users to open virtual packs containing real-world assets, currently Pokémon cards. There are also other packs for NFTs.

“We’ve moved tens of millions in volume with Packs and have a big plan for the future of this product. Packs are just the beginning of a much broader crypto entertainment ecosystem we’re building.”

Part of this broader strategy includes launching Dicey, a cryptocurrency casino and sports betting house, about which executives kept details minimal but said it will be a “new major product.” Magic Eden aims to become the “world’s largest crypto entertainment brand.”

“In the broader context of digital assets, both platforms are consolidating as cultural liquidity hubs, acting as a link between creators, collectors, and token communities,” explained an analyst.

“Their success will depend on the continued expansion of these cultural economies and on users considering them essential infrastructure rather than just optional interfaces.”