OpenSea 2.0 Launch

OpenSea has launched its OpenSea 2.0 (OS2) platform, introducing a redesigned user interface and a new experience points (XP) system.

Private Beta Access

This release is in private beta, where OpenSea is offering free priority access to holders of its Gemesis NFTs. Other interested users will be placed on a waitlist.

In 2023, these NFTs were distributed via an airdrop to users of Gem, an NFT platform that OpenSea acquired and renamed to OpenSea Pro.

OpenSea has taken a blockchain snapshot of 49,785 wallets holding Gemesis NFTs, noting these wallets as eligible for early access to the OS2 platform.

XP System

The OS2 update includes an experience points (XP) system designed to incentivize user engagement. There is speculation that accumulating these points may lead to token rewards, though OpenSea has yet to define this objective beyond enhancing platform activity. Notably, OpenSea has operated without a token so far.

This XP system parallels a strategy used by OpenSea’s main competitor, Blur, to promote user engagement.

Earning XP

Users can earn XP through various activities, including:
– Listing items
– Making offers on collections
– Providing feedback to developers via the official Discord channel during beta testing.

Market Share

In 2022, OpenSea held over 90% of the NFT marketplace volumes, but this share has now dropped to 33%. Since mid-2023, Blur has surpassed OpenSea in monthly trading volumes, with Blur recording over $317 million in Ethereum trading volume in January 2025, compared to OpenSea’s $152 million, as reported by The Block.

In November 2024, OpenSea laid off half of its workforce, and the CEO mentioned a strategic shift towards the OS2 platform.