OpenSea Acquires Rally to Expand Mobile Token Trading Amid NFT Market Decline

OpenSea, a prominent crypto trading platform, is broadening its horizons beyond non-fungible tokens (NFTs) as the digital collectible market faces a consistent decline in trading volumes amidst increasing competition. On July 8, OpenSea announced the acquisition of Rally, a mobile-focused token trading platform, to enhance its token trading capabilities and expand into mobile devices. The platform aims to develop an “onchain everything app” to offer users a new and comprehensive experience.

Chris Maddern, the co-founder of Rally and now the chief technology officer at OpenSea, shared the vision for the new mobile-focused NFT platform. Maddern envisions a place where crypto community members can access everything they need, including NFTs, tokens, and decentralized finance (DeFi) all within one application. He emphasized that users will turn to the OpenSea app for more than just holding their crypto, seeking a broad array of opportunities, assets, and cultural experiences.

Maddern highlighted that Rally will serve as the foundation for the new OpenSea mobile experience. The team at Rally, with their expertise in cross-assets and multi-wallet portfolios, will significantly contribute to OpenSea's new app. By combining Rally’s mobile token-trading capabilities with OpenSea’s deep expertise in NFTs, the platform aims to foster a truly multi-asset ecosystem where tokens and NFTs can thrive together.

The forthcoming app will also feature artificial intelligence integrations. Maddern explained that AI will be used to enhance user safety, improve discovery within the app, and provide educational content to help users learn more about the platform.

OpenSea’s strategic pivot comes at a time when the NFT market is becoming increasingly competitive. Although OpenSea remains the leading NFT marketplace, its market share has decreased from 37.93% to 34.22% in the past year, with competitors like Blur, Magic Eden, OKX NFT, and Rarible gaining ground. The rise of these competitors has saturated the NFT market, leading to a decline in trading volumes over the last five quarters.

According to DappRadar, the NFT space showed a consistent drop in trading volumes since the second quarter of 2024. In the second quarter of 2025, trading volumes were $823 million, a significant decrease from the $4 billion recorded in the second quarter of 2024. Despite the decline in volumes, the sales count increased, indicating that buyers remain engaged with NFTs even as the value of transactions decreases.

Lennix Lai, the chief commercial officer at OKX, noted that the decline in trading volumes signifies the sector’s maturity. He believes that the focus is shifting from hype-driven sales to utility-based and community-driven transactions. Lai maintains that NFTs are more than just digital collectibles, and the market is becoming more active, inclusive, and utility-focused.