NFT market: Ethereum and OpenSea soon to be overshadowed by their competitors?

The end of a reign for two giants? – The crypto winter will have seen, not only a collapse in NFT trading volume on the main platforms during the first three quarters of this year, but also a OpenSea shaken up by its competitors and a change in the structure of the markets.

NFT market share: low tide for OpenSea

According to data taken from the latest edition of the Market Pulse published by Binance, the market configuration of NFT platforms has changed throughout the year, to the detriment of the monopoly of OpenSea, which unquestionably dominated the game in 2021.

Although OpenSea will still retain its leading position in 2022, from now on it operates in a market with a oligopolistic structuremarked by the rise of some competitors.

The NFT marketplace based on Solana (SOL), magic edenis a challenger in terms of the number of daily users, while the platform built on Ethereum (ETH), LooksRareclose behind OpenSea in terms of monthly trading volume.

Market share of NFT platforms – Source: MarketPulse by Binance

Market Pulse data also shows that the market share in terms of monthly trading volume of the Ethereum-based platform, X2Y2has been growing steadily since last April. The rise of this NFT marketplacewhich was launched in January of this year, took less than a year.

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Ethereum still leader, Solana on the upward slope

This transition to an oligopolistic structure in the NFT market also concerns blockchains.

AlthoughEthereum remains the dominant network in terms of non-fungible token sales, with 65% market share at the end of the third quarter, it is a percentage in 16% decrease compared to the figure for the previous period.

Conversely, the share of sales by NFT on Solana have increased continuously since the beginning of the year, with a significant increase during the second half of the third trimester.

OpenSea and Solana are thus the two main blockchains in the sector. Flow comes in third place, but the share of NFT sales on the network, which is certainly increasing gradually, is far from equaling that of the two leaders.

Solana so could do seriously shade to Ethereum over the long term if the trend observed during these first three quarters continues. Magic Eden could also siphon a significant share of OpenSea’s market share, especially since challenger supports Ethereum-based NFTs since August.

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NFT market: Ethereum and OpenSea soon to be overshadowed by their competitors?


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