OpenSea Fights Back to Stay on Top

The upgraded platform is currently in closed beta and is only accessible to holders of Gemesis NFTs. 

These NFTs were distributed to users of the Gem platform, which OpenSea acquired and rebranded as OpenSea Pro in 2023. As part of the rollout, OpenSea conducted a blockchain snapshot of 49,785 wallets holding Gemesis NFTs, granting these users early access to OS2.

Other users remain on a waitlist for now.

The new XP system in OpenSea 2.0 is aimed at increasing user activity on the platform. While details remain undisclosed, the company has hinted that accumulating XP may eventually result in token-based rewards. This is OpenSea’s first implementation of such functionality, seemingly a response to competitor Blur, which already employs a similar model.

Related: Blur Challenging OpenSea’s Dominance

Users will be able to earn XP through various activities, including listing items, making offers on collections, and providing feedback via Discord. This initiative reflects OpenSea’s focus on enhancing user engagement, mirroring strategies employed by Blur.

In 2022, OpenSea dominated the NFT market with a 90% share. However, its market position has since declined sharply, dropping to 33%. By early 2023, Blur surpassed OpenSea in trading volumes, with Blur’s January 2025 monthly trading volume reaching $317 million—more than double OpenSea’s $152 million, according to The Block.

Despite these challenges, OpenSea is determined to fight back. In November 2024, the company made a bold strategic move by laying off half of its staff to concentrate on launching OS2.