OpenSea Back on Top: The NFT Battle Heats Up as OpenSea Gains the Edge!
With its share of the Ethereum NFT marketplace volume at 71.5% this past week, OpenSea has seen a bit of a comeback recently. For comparison, OpenSea held a 25.5% market share in the Ethereum NFT four weeks earlier.
Its proportion increased from 42.4% to 71.5% in the last week, which primarily reduced Blur’s portion of the overall NFT volume. The launch of the platform’s eagerly anticipated coin, $SEA, probably caused this increase in OpenSea volume. Although not much is currently known about the details of the $SEA token, it has been confirmed that U.S. users are eligible and that past platform usage will play a significant role in allocating the airdrop.
NFT Traders Rush Back to OpenSea: Can It Outperform Blur?
Since making its official announcement of its $SEA token on February 13, OpenSea has enabled an average of $17.4 million in NFT trading activity daily. For comparison, OpenSea’s volume averaged only $3.47 million in the five days before the token announcement. With an average of 14,700 transactions per day after the token introduction, OpenSea saw a surge in trade volume as well. Just 6,100 trades were made daily on average in the five days before the $SEA announcement.
This remarkable growth demonstrates how the $SEA token has helped to revive OpenSea’s marketplace activities. Both trading volume and transaction count have increased significantly, indicating that traders are returning, most likely in anticipation of token awards or improved platform incentives. Maintaining this trend will be essential for OpenSea to maintain its leadership in the Ethereum NFT market as competition with Blur heats up. Whether this rise is short-term hype or the beginning of a long-term change in NFT trading dynamics is now a topic of speculation among market watchers.
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