- OpenSea and Magic Eden have added trading for fungible tokens as NFT activity slowed.
- Market cap for NFTs fell from about $184 billion to $487 million, according to CoinMarketCap.
- OpenSea launched a rebuilt platform called OS2 with an integrated decentralized exchange and multi-chain token support (OS2 launch, tokens page, tweet).
- Magic Eden acquired Slingshot and offers token swaps while pushing a “crypto entertainment” suite including Packs and a casino product (Slingshot, acquisition release, Dicey tweet).
Who, what, when, where, why: In 2025, major NFT marketplaces expanded into fungible token trading as NFT market activity declined. Data shows the cumulative NFT market cap dropped from about $184 billion to $487 million, per CoinMarketCap. Market analysts say platforms moved to protect relevance and diversify revenue; CoinShares researcher James Butterfill characterized the shift as a response to the slowdown.
OpenSea’s changes: OpenSea rolled out a full rebuild called OS2 that includes an integrated decentralized exchange (DEX) and cross-chain token support, announced in its launch release and shown on its tokens page. “Adding tokens wasn’t about looking at the NFT market and pivoting,” said Adam Hollander. The platform recorded a peak DEX month of about $2.41 billion, then fell to roughly $581.5 million the next month, per DefiLlama. By comparison, Uniswap?tvl=false&events=false&dexVolume=true&groupBy=monthly”>Uniswap posted near $80 billion in monthly volume.
Magic Eden’s approach: Magic Eden bought Slingshot and provides token swaps via its site and wallet (swap page), though it downplayed token trading as a core focus in public comments. “Token trading is not a real focus nor a meaningful percentage of our business,” said Chris Akhavan. The company is promoting a “crypto entertainment” strategy built around Packs, which it says has cleared tens of millions in volume, and a planned casino/sportsbook called Dicey (tweet).
Analyst view: James Butterfill of CoinShares said the moves have helped stabilize engagement and diversify fee revenue. “The changes have allowed [both] platforms to stabilize engagement numbers and to diversify fee revenue in a year when traditional NFT volumes remained subdued,” he said.
Definitions: Fungible token — a token interchangeable with another of the same kind. DEX — a decentralized exchange that enables peer-to-peer token trades without a central intermediary.
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