OpenSea, a leader in the NFT market, announced its intent to expand functionality by acquiring the mobile trading platform Rally. This decision comes amidst declining volumes of digital collectible trading.
OpenSea's Expansion Beyond NFTs
On July 8, OpenSea announced its acquisition of Rally, enabling the company to enhance its trading capabilities on mobile devices. The platform is initiating the creation of an 'onchain everything app' to provide users with a new experience.
New Mobile App Concept
Rally co-founder Chris Maddern, now serving as OpenSea's chief technology officer, stated that the new mobile app will combine NFTs, tokens, and DeFi in one place. He noted that users are ready to engage their crypto assets more actively. The app will also feature artificial intelligence integrations to enhance safety and improve user experience.
Competition and Declining NFT Volumes
Although OpenSea remains the leading NFT platform, it faces rising competition. Data shows that OpenSea's market share over the past year was 37.93%, while its closest competitor, Blur, holds 34.22%. Amid declining NFT trading volumes, OpenSea is ramping up its efforts to integrate DeFi and reach mobile users. In Q1 2025, trading volumes dropped by 385% compared to the same period last year.
OpenSea's expansion into mobile trading and integration with Rally demonstrates the platform's commitment to adapting to new market conditions where trading volumes for NFTs are weak and competition is high.
