NFT mania of 2021 is a distant memory as the market cap drops 99% to $487 million in 2025. OpenSea and Magic Eden adapt with token trading and expansions. OpenSea’s OS2 platform enables trading across 19 blockchains with a new rewards system called “Voyages.”
OpenSea hits $2.41 billion in DEX volume but drops to $581.48 million in November. Magic Eden acquires Slingshot for non-NFT trading and offers multi-chain token trading. Both platforms aim to stabilize engagement numbers and diversify fee revenue in a subdued NFT market.
Magic Eden focuses on “crypto entertainment” with its Packs platform, allowing users to open virtual packs with real-world assets like Pokémon cards. The platform aims to become the biggest crypto entertainment brand globally. The future success of these platforms lies in their role as cultural liquidity hubs in the digital asset landscape. 1. The stock market experienced a sharp decline today, with the S&P 500 dropping by 3% and the Dow Jones Industrial Average falling by 600 points. Investors are concerned about rising inflation and the potential impact on economic growth.
2. The CDC announced that fully vaccinated individuals no longer need to wear masks or practice social distancing in most indoor and outdoor settings. This decision comes as COVID-19 cases continue to decline and vaccination rates increase across the country.
3. The Colonial Pipeline, which supplies nearly half of the East Coast’s fuel, was forced to shut down operations after being targeted in a ransomware cyberattack. The incident has raised concerns about the vulnerability of critical infrastructure to cyber threats.
4. Tesla CEO Elon Musk announced that the company will no longer accept Bitcoin as payment for its electric vehicles, citing environmental concerns related to the cryptocurrency’s energy consumption. The price of Bitcoin dropped following the news.
5. The Israeli-Palestinian conflict escalated as airstrikes continued in Gaza, resulting in the deaths of dozens of Palestinians. International leaders have called for an immediate ceasefire to prevent further violence and loss of life in the region.
Read more at finance.yahoo.com.: How NFT Marketplaces Adapted to Survive in 2025