NFT platforms broaden offerings as market downturn bites
NFT marketplaces including OpenSea and Magic Eden have adapted to a sharp contraction in the NFT market by expanding beyond traditional NFT trading to include fungible token markets and other digital-asset features, as the total NFT market cap collapsed compared with its peak in earlier years.
In 2025, the cumulative market value of NFTs has fallen dramatically from its all-time high, forcing leading platforms to broaden their offerings and rethink their business models to sustain user engagement and trading volume amid a muted market environment.
OpenSea, one of the earliest and largest NFT marketplaces, overhauled its platform in 2025 to integrate cross-chain token trading alongside NFT trading. The updated ecosystem allows users to trade both non-fungible tokens and fungible assets across multiple blockchains, aiming to diversify revenue streams and attract broader participation.
Magic Eden, another major marketplace, also introduced support for fungible token trading during the year and has emphasized expanding into areas it describes as “crypto entertainment,” though it has said that token trading remains a supplementary focus rather than the core business.
The broader NFT market has undergone a steep contraction in scale compared with its peak. At its height near 2023, the NFT sector’s total capitalization reached around $184 billion, but by late 2025 that figure had shrunk to under $500 million, reflecting a collapse in speculative activity and trading volume since the mania of 2021–2022.
Analysts and observers attribute the need for adaptation to the cooling of what was once intense speculative demand for collectible digital art and other unique tokens. With fewer high-profile sales and significantly lower average trading volumes, marketplaces have sought to enhance liquidity and engagement by combining features traditionally seen in decentralized exchanges with NFT trading interfaces.
By integrating fungible token markets and broader digital-asset services, these platforms are aiming to remain relevant in a market environment where pure NFT trading has become a smaller portion of overall user activity. Developers and marketplace operators have emphasized tools that support a wider range of digital collectibles, cross-chain activity, and broader asset types to attract users who might otherwise migrate to comprehensive trading venues.
The NFT market experienced explosive growth in the early 2020s, with headline-grabbing sales and rapid rises in platform usage. As speculative demand waned and trading volumes receded, the ecosystem evolved toward more diversified models that combine token liquidity, cross-chain support, and entertainment-oriented features to adapt to changing participant behavior and market conditions.
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