OpenSea is one of the best-known NFT marketplaces in crypto. It lets people connect a crypto wallet, list NFTs for sale, and buy NFTs across popular collections—while the NFTs themselves live on blockchains like Ethereum and other supported networks.
One quick clarification: OpenSea is often described as “decentralized,” but it’s more accurate to call it a web3 marketplace. The assets are on-chain, while the marketplace interface, search, listings experience, and policies are provided by a centralized company.
What is OpenSea?
OpenSea is a web3 marketplace for buying, selling, and discovering NFTs. Users connect a wallet (like MetaMask), browse collections, place bids or buy listings, and manage NFTs across supported blockchains. OpenSea also provides creator and collection tools, but the exact feature set has evolved with market shifts and competition.
- Best for: NFT collectors and traders who want broad marketplace discovery
- Common categories: art, collectibles, gaming assets, virtual land, membership passes
- Key reality: marketplace activity rises and falls with the overall crypto/NFT cycle
Key Metrics Table (Quick Facts)
| Metric | Figure | Year / label | Source |
|---|---|---|---|
| Founded | 2017 | Company background | Wikipedia |
| Series C valuation (post-money) | $13.3 billion | January 2022 (historical) | OpenSea (Series C announcement) |
| NFTs hosted/listed (commonly cited) | 80 million NFTs | 2023–2024 reporting (historical snapshot) | TechCrunch (Apr 2023) / TechCrunch (Mar 2024) |
| Collections hosted (commonly cited) | 2 million collections | 2023–2024 reporting (historical snapshot) | TechCrunch (Apr 2023) / TechCrunch (Mar 2024) |
| All-time volume transacted (commonly cited) | $20+ billion | April 2023 (historical) | TechCrunch (Apr 2023) |
| Daily users snapshot | ~55,000 daily users | Jan 27, 2022 (historical snapshot) | Artnet (Aug 2022) |
| Daily users snapshot | ~25,000 daily users | Aug 29, 2022 (historical snapshot) | Artnet (Aug 2022) |
| Monthly active users (reported) | 467,322 active users | May 2025 (reported June 2025) | The Block (Jun 2025) |
| Staffing after July 2022 layoffs | ~230 employees remaining | July 2022 (historical snapshot) | The Verge (Jul 2022) |
| Additional downsizing | ~50% staff cut | Nov 2023 (reported) | CoinDesk (Nov 2023) / The Verge (Nov 2023) |
Note: Some OpenSea metrics (like total NFTs and collections) have been widely cited in major publications, but they are still best treated as historical snapshots because marketplace listings change constantly.
What OpenSea Does (and How It Works)
At a high level, OpenSea functions like an eBay-style marketplace for NFTs:
- Wallet connection: users connect a crypto wallet to browse and transact
- Listings and offers: sellers list NFTs for a fixed price, while buyers can make offers
- On-chain settlement: purchases are finalized on-chain, and ownership transfers to the buyer’s wallet
- Discovery: marketplace search, trending pages, and collection pages help users find NFTs
OpenSea also built creator-facing tooling over time (collection setup, listing tools, and other features), but the NFT market is competitive and has shifted significantly since the 2021–2022 boom.
OpenSea Activity Trends: Boom, Bust, and Rebuild
OpenSea’s usage has historically tracked the broader NFT cycle. A clear example comes from 2022 reporting that compared a peak period to a later downturn:
- Jan 27, 2022: nearly 55,000 users completed 110,000+ transactions totaling about $207M.
- Aug 29, 2022: about 25,000 users completed roughly 56,400 transactions totaling about $12M.
More recently, OpenSea reported renewed engagement around its OS2 platform era, with industry reporting citing 467,322 monthly active users in May 2025.
Fees, Royalties, and What Buyers Should Watch
NFT marketplace economics can be confusing because the final cost of a purchase may include:
- Marketplace fees (charged by the platform)
- Creator royalties (collection-dependent and policy-dependent)
- Network fees (gas fees, which vary widely by chain and network congestion)
Before buying, check the listing details carefully—especially the chain, total cost, and whether the NFT is from an official collection link.
FAQ
Is OpenSea decentralized?
OpenSea is better described as a web3 marketplace. NFTs live on blockchains, but OpenSea itself is a centralized company providing the marketplace interface, listings experience, and platform policies.
How many users does OpenSea have?
OpenSea does not consistently publish a single always-updated “active users” number. However, reputable reporting provides snapshots, such as daily user counts during 2022 and monthly active user reporting tied to OS2-era activity in 2025. Use the dated metrics above to understand trends.
How many NFTs and collections are on OpenSea?
Major publications have cited OpenSea as having 80M NFTs and 2M collections based on OpenSea’s own stated figures at the time (notably in 2023–2024 reporting). These should be treated as historical snapshots because listings change constantly.
Is OpenSea safe?
OpenSea is a prominent marketplace, but NFT trading carries risks like phishing, fake collections, and malicious links. Use strong wallet hygiene: verify collection links, avoid signing unknown transactions, and be cautious with DMs and “support” imposters.
When was OpenSea founded?
OpenSea was founded in 2017.
Sources
- OpenSea Series C announcement ($13.3B post-money valuation; Jan 2022): OpenSea
- Collections/NFT counts and $20B+ volume context (Apr 2023): TechCrunch
- Collections/NFT counts cited again (Mar 2024): TechCrunch
- Daily user + volume snapshots (Jan/Aug 2022): Artnet
- Layoffs (20% in Jul 2022; headcount snapshot): The Verge
- Layoffs (50% in Nov 2023): CoinDesk
- Monthly active users reported for May 2025: The Block
- Background (founded 2017, company history overview): Wikipedia