NFT Marketplace Getting Competitive as Platforms Struggle to Become the Dominant Player

1 min read

NFT competition hots up

The NFT market is starting to get competitive and the platforms are looking for ways to get a competitive edge. Whilst this battle rages it is unclear who will be the winner(s) and whether or not customers will see the benefits of that competition.

OpenSea, UniSwap, MagicEden, eBay, and others are purchasing NFT aggregation tools and taking a position to increase their market share within the expanding NFT ecosystem.

DappRader’s “Dapp Industry Report for Q2” 2022 suggested that a non-fungible token (NFT) platform war could be imminent.

UniSwap recently bought Genie and OpenSea acquired Gem to extend their respective businesses to include NFT aggregation tools, which collect NFT offers from other trading platforms. Meanwhile, emerging platforms like Magic Eden and X2Y2 continue challenging OpenSea’s present 75% NFT market domination.

These purchases will soon place well-established businesses such as OpenSea and UniSwap in direct rivalry. eBay has bought KnownOrigin, an Ethereum-based digital art market, to extend its digital product offerings and skills in the NFT arena.

OpenSea has been facing challenges by the proliferation of NFT systems on several blockchains. The company’s market share has decreased due to competitors such as Magic Eden, LooksRare, and X2Y2.

NFTs are here to stay. Image: Dappradar

In April, CNBC reported that OpenSea had over 1.5 million active users. DappRadar says the platform has gained 66,03 thousand users in the last thirty days, compared to MagicEden’s 279,97 thousand. According to the same DappRadar statistics, MagicEden had 14,1 million transactions in the previous thirty days, whereas OpenSea had just 955,69 thousand. In addition, the study states, “Magic Eden accounts for 10% of all NFTs transactions during this quarter.”

Meta recently announced the shutdown of its Novi wallet after a 10-month experimental period. Recently, the average cost of Ethereum gas costs plummeted to its lowest level since 2020.

According to other NFT-related news, experts have outlined how music NFTs would strengthen the relationship between producers and fans.

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