Nifty News: OpenSea dominance fades, Azuki skateboards fetch $2.5M+
Largest NFT market faces headwinds from competitors, with OpenSea seeing market share drop while rivals are gaining ground.
New
OpenSea's dominance begins to crumble
The OpenSea non-fungible token (NFT) market has seen rivals mope their ankles this year as they gain market share, turning the market from a 'monopoly' into an 'oligopoly', says one new report.
Binance Market Pulse published on October 20, indicates that there has been a slow and steady shift in market leadership, noting that while OpenSea is still the dominant market in terms of users and volume, exchanges based on Ethereum X2Y2 and Looksrare have been gaining market share by 2022.
The report also pointed out that OpenSea faces fierce competition when it comes to NFTs based on Solana, its most widely used native marketplace, Magic Eden, is a "close second" to multi-chain exchange OpenSea.
OpenSea market dominance in terms of volume peaked in May 2022, but has since seen a decline. Image: BinanceThis is a possible sea change in NFT markets.
On October 14, Solana's native NFT marketplace, Magic Eden, opted to introduce optional royalties to its platform, following a similar move by Ethereum-based marketplace X2Y2 in August.
He noted that "the market has been moving towards optional creator royalties for some time."
Binance's Q3 report added that Ethereum still dominates overall, holding 65% of NFT's volume market share at the end of Q3, but NFT buyers can move blockchains looking for profits or following the latest trends.
The data also shows that Solana's NFT sales volume increased by 13% in Q3 and Ethereum's sales volume fell by 16% since the end of Q2.
Record auctions on the first wave of “Physical Bac...
Largest NFT market faces headwinds from competitors, with OpenSea seeing market share drop while rivals are gaining ground.
New
OpenSea's dominance begins to crumble
The OpenSea non-fungible token (NFT) market has seen rivals mope their ankles this year as they gain market share, turning the market from a 'monopoly' into an 'oligopoly', says one new report.
Binance Market Pulse published on October 20, indicates that there has been a slow and steady shift in market leadership, noting that while OpenSea is still the dominant market in terms of users and volume, exchanges based on Ethereum X2Y2 and Looksrare have been gaining market share by 2022.
The report also pointed out that OpenSea faces fierce competition when it comes to NFTs based on Solana, its most widely used native marketplace, Magic Eden, is a "close second" to multi-chain exchange OpenSea.
OpenSea market dominance in terms of volume peaked in May 2022, but has since seen a decline. Image: BinanceThis is a possible sea change in NFT markets.
On October 14, Solana's native NFT marketplace, Magic Eden, opted to introduce optional royalties to its platform, following a similar move by Ethereum-based marketplace X2Y2 in August.
He noted that "the market has been moving towards optional creator royalties for some time."
Binance's Q3 report added that Ethereum still dominates overall, holding 65% of NFT's volume market share at the end of Q3, but NFT buyers can move blockchains looking for profits or following the latest trends.
The data also shows that Solana's NFT sales volume increased by 13% in Q3 and Ethereum's sales volume fell by 16% since the end of Q2.
Record auctions on the first wave of “Physical Bac...What's Your Reaction?
