What is an NFT?
NFT, as the representative word of the year 2021 by Collins English Dictionary, stands for Non-fungible token.
An NFT is a unique digital certificate registered on the blockchain that records the digital ownership of assets such as artworks or collectibles. Music, images, tweets from X (Twitter), and GameFi game items can all be tokenized as NFTs.
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The image above is from the hottest NFT project of 2022, BAYC (Bored Ape Yacht Club), which was initially issued at a price of 0.08 ETH (about 9,000 TWD) and was once speculated to a high of 150 ETH (about 17 million TWD).
After understanding NFTs, it should not be difficult to know what an NFT platform is.
An NFT platform is a platform for auctioning NFTs. Users can buy and sell NFTs in the primary or secondary market, or mint (issue/create) their own NFT works through the NFT platform. The status of NFT platforms in 2025: New market situation
According to the latest data from NFT Pulse (as of 2025/04/22): Platform 30-day trading volume 30-day user count 30-day revenue Notes Magic Eden $53.5M 85K $1M Trading volume and revenue ranked first OpenSea $51.9M 131K $257K Highest active user count, a comeback Blur $43.1M 9.9K $12K Once a market leader, now fallen out of the top ranks OKX $21.5M 14K – Multi-chain support platform with excellent trading experience, suitable for cross-chain users and beginners Tensor – 28K $42K Rapidly rising in the Solana ecosystem, enhancing user stickiness through innovative features Introduction to major NFT platforms 1. Magic Eden: A potential rising star
Magic Eden, established in 2021, is currently one of the most active NFT platforms supporting the largest number of blockchains. Initially focused on Solana, it has now expanded to Bitcoin, Ethereum, Polygon, Base, Arbitrum, and is actively participating in the market development of Bitcoin inscriptions (Ordinals) and the emerging token standard Runes.
The growth momentum of Magic Eden comes from its continuously innovative product strategy. The cross-chain reward program "Magic Eden Rewards," launched in 2024, has entered its second quarter in 2025, rewarding users for NFT trading, staking, and token exchange through a "Diamond Points System," combined with leaderboard competitions, cross-chain accumulation mechanisms, and wallet aggregation staking features, attracting a large number of traders and collectors back.
In promoting the NFT ecosystem, Magic Eden has also accelerated its expansion, collaborating with Ubisoft to launch the Web3 game "Captain Laserhawk: The GAME," and minting 10,000 game-exclusive NFTs on the Arbitrum chain, showcasing its ambition and resource integration capabilities in the game NFT field. At the same time, Magic Eden announced the acquisition of the cross-chain asset trading application Slingshot, accelerating the realization of the vision of "one app, trading all on-chain assets," allowing users to complete cross-chain transactions of NFTs and cryptocurrencies without bridging or multiple wallets.
As of April 2025, Magic Eden has firmly held the dual championship of trading volume and platform revenue, with monthly trading volume exceeding $53.5 million and active user count reaching 85,000, with monthly platform revenue surpassing $1 million, indicating that it not only has a mature user base but also possesses good commercialization capabilities. 2. OpenSea: The pioneer of NFT platforms
OpenSea, as the founding platform of the NFT trading market, has continued to be one of the largest NFT aggregation trading venues globally since its launch in 2017. The platform supports multiple main chains including Ethereum, Polygon, Solana, and Base, covering categories such as artworks, collectibles, brand projects, and domain names, making it the preferred issuance platform for many Web2 (e.g., Puma, LV) and Web3 projects.
Despite facing challenges of declining market share in 2023-2024, the OpenSea team successfully revived user activity in early 2025 by optimizing platform functions, enhancing user interface experience, and improving data classification systems. It currently has the highest active user count among all NFT platforms, with trading volume also remaining at the forefront of the market.
In terms of the latest developments in 2025, OpenSea announced in February that it would issue a native platform token, $SEA, and would reward historically active users through an airdrop. According to an official statement from the OpenSea Foundation, this token will serve as a core tool for promoting community participation and platform governance, and will allow U.S. users to participate, demonstrating its clear intention to regain market leadership. 3. Blur: Once the leading NFT market platform
Blur is an NFT trading platform launched in October 2022, targeting the "professional NFT investor" market. It combines NFT trading market and aggregator functions, providing users with advanced trading features such as quick listing, real-time market data, batch management, and automated order execution, and pioneered the "trading points" and token airdrop mechanisms, attracting significant market attention.
In its early launch, Blur quickly captured the market with its high-performance platform design and reward mechanisms, and in early 2023, it conducted a large-scale airdrop of $BLUR tokens, with trading volume once surpassing OpenSea, becoming the dominant player in the Ethereum NFT market at that time. The platform supports Ethereum and Blast chains and is designed with automated tools for users with larger capital, making it widely used for blue-chip NFT investments and rapid arbitrage trading.
However, entering 2024, Blur faced severe challenges. According to publicly available on-chain data, as of March 2025, the circulation of its token $BLUR had increased from the original 400 million to 2.3 billion, with prices dropping over 90% during this period. As the token continued to unlock and prices kept falling, user confidence in the platform's incentives declined, leading to a significant decrease in monthly trading volume and active users.
Latest statistics show that Blur currently has a monthly trading volume of about $43.1 million, with 9,900 active users, and monthly revenue has also dropped to about $12,000, lagging behind competitors like Magic Eden and OpenSea in most metrics.
Despite this, Blur still has advantages such as deep liquidity, low trading fees, and comprehensive professional features, maintaining a certain position among high-frequency trading users and arbitrage strategies. Its future performance will depend on whether the platform adjusts its reward strategies and user stickiness mechanisms. 4. OKX NFT Marketplace: A complete user experience
As a project under the second-largest exchange ecosystem, OKX NFT Marketplace is a multi-chain aggregation platform for NFTs.
Along with Magic Eden, it seized the trend of BTC NFTs and became one of the pioneers in the market for trading BTC NFTs.
OKX combines the advantages of various NFT platforms and enhances its own platform features: currently, trading in the OKX Wallet's own NFT market does not require service fees, and it also has a cross-platform aggregation market that is friendly to NFT users: assisting creators in easily uploading and lowering the barriers to creating NFTs; optimizing the purchasing process and reducing the gas fees incurred in acquiring NFTs. 5. Tensor: An innovative trading platform in the Solana ecosystem
Tensor is an NFT trading platform built on the Solana blockchain, designed for professional investors, providing innovative trading tools such as AMM automated market maker mechanisms, price locking, multi-order management, YOLO buying, and shared liquidity pools.
The platform launched its governance token TNSR in 2024 and rapidly expanded its user base through airdrops and incentive mechanisms, making it the second most important platform in the Solana ecosystem after Magic Eden. Tensor is also actively promoting the Tensorians community and Launchpad features, enhancing the stickiness and participation between the platform and users. Comparison of major NFT platforms
The following is a comprehensive comparison of the current five major NFT trading platforms in terms of trading volume, interface design, user activity, number of supported public chains, and whether they have issued tokens. Users can choose the most suitable operating platform according to their needs and trading habits.
Ranking:
Trading volume ranking User count ranking Interface friendliness ranking Token issuance ranking Supported network count ranking Features Magic Eden 1 2 3 (mainly based on Solana, supporting APE / BTC / ETH / Base, etc.) Most complete BTC NFT and Runes ecosystem layout OpenSea 2 1 3 (mainly based on Ethereum, supporting Base / Polygon, etc.) Most active user count, widest variety of NFTs Tensor 3 3 4 (only supports Solana) Focused on Solana, rich professional trading tools Blur 4 4 4 (only supports Ethereum) Low fees, suitable for high-frequency arbitrage and blue-chip traders OKX 5 4 1 (aggregated trading, supports the most chains) 0 fees, interface suitable for beginners and cross-chain entry
In summary, Magic Eden leads in trading volume and multi-chain layout, suitable for heavy traders; OpenSea has the most active users and a rich variety of NFTs; Tensor focuses on the Solana ecosystem with advanced features; Blur has high liquidity and low fees, suitable for high-frequency trading and arbitrage users; OKX offers a 0 fee policy and a simple interface, making it a beginner-friendly cross-chain aggregation platform choice.
Conclusion
NFT platforms have evolved from being dominated by OpenSea in the early days to a multitude of competitors today. In addition to the platforms themselves innovating and creating new gameplay, collectors' preferences for NFTs have gradually shifted from Ethereum to new projects on other public chains, such as the rise of BTC NFTs, significantly changing the market landscape.