Good day everyone,

I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at how OpenSea NFT Marketplace has seen a surge in activity and market share following their cut in fees.

OpenSea on the Way Back?

In a recent report by NFT Scan it was revealed that OpenSea remains in the top spot for non-fungible token (NFT) marketplace trading volume over the past 30 days. OpenSea saw its transaction volume spike and traders flood the marketplace as their new revamped platform with lowered fees and croos-chain support drew the crowds.

The report noted how the total trading volume in the past 30 days reached $155.1 million and that OpenSea was clear with its dominance when compared with the rest of its competitors in the market. One of its biggest rivals in Blur only had 23.16% of market share compared with the 41.91% held by OpenSea. Other established names in the space such as CryptoPunks and Magic Eden hold 10.97% and 7.67%, respectively. 

OpenSea also attracts the most users as in the last month they had 69.62% (428,363 wallets) of the 615,300 wallets trading NFTs. The likes of Magic Eden and Blur drew only 7.24% and 5.14% of users and the gap continues to widen. When looking at data across three months then OpenSea has 66.12% of all wallet engagements (1.424 million out of 2.2 million) while Magic Eden only managed 8.77% (188,954 wallets). This shows just how much dominance OpenSea has in the space and maintains a strong user base even as the competition in the NFT marketplace space continues to grow.

They revamped their platform back in February, now known as the OS2 platform, and as part of the relaunch they also slashed marketplace fees from 2.5% to 0.5% while removing all swap fees. This was a massive move in drawing back users and the launch also included features such as support for Solana token trading, cross-chain purchasing, and real-time analytics.

These moves helped to push the OpenSea platform even further ahead of its competitors. The likes of Blur and Magic Eden have yet to match these features. OS2 also includes a homepage redesign and faster browsing to help user experience. The introduction of the $SEA token was also included and this native token was designed to reward loyal users. 

While the increase in dominance by OpenSea is not a surprise, the levels of NFT trading still remain below the highs of 2022. At its peak NFT sales were 62% above current levels. There has been an increase in trader participation of late and this comes as the NFT market has experienced modest growth in 2024. The annual sales of $8.88 billion, a 1.1% increase over 2023’s $8.7 billion, shows that the market is slowly moving in the right direction. In 2022 sales peaked at $23.7 billion.

Have a great day.

Peace. CryptoGod-1.

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