OpenSea – the world’s largest NFT marketplace- is currently experiencing massive competition from other network-based NFT marketplaces even after it’s longtime monopoly.
Last year’s NFT exuberance era marked the ascent of OpenSea into a $13 billion company, but its competitors have been increasingly having market share.
A new report reflects the transition of a former monopolistic non-fungible token (NFT) market into an oligopoly.
According to the latest edition of Binance’s Market Pulse, NFTs had a bad quarter throughout the board in Quarter 3 of 2022.
While OpenSea is still the largest NFT market place, it is currently facing stiff competition as Solana NFTs picks massive momentum.
From reports, OpenSea’s market share by monthly volume topped in May but has been on a gradual decline since then.
The NFT market dominance of the Etheruem-based NFT marketplace had ruled unopposed over the last year.
Founded in 2017, OpenSea grew massively over the past year amid an NFT booze era.
It even raised $300 million in new venture capital led by investment firms Paradigm and Coatue Management, bringing its valuation to a staggering $13.3 billion in just four years, cryptopotato reported.
However, the report reflects a slow change of Monopoly trend.
Part of the Monopoly downtrend can also be attributed to Q3 NFT volume drastically underperforming in comparison to the previous two quarters following the market rout in June.
Shifting away from the Q3 NFT saga, Solana and Ethereum continue to battle over NFT industry supremacy despite the latter still holding the dominance title.
One of the damping factor to Solana was the recurring network outages as well as the bear market.
But it remains a top contender for the NFT giant title – visible with several volume spikes registered last month alone.
Ethereum based NFTs could not register that spike, as its volume kept decreasing.
However, Ethereum remains the most secured blockchain with respect to NFT sales, recording a whopping 65% market share at the end of Q3 – a 16% decrease from the end of Q2.
NFT sales for Solana, on the other hand, have been on an uptrend.
Another growing competitor is the Cardano network which is gaining massive attraction from the social network space.
Jpgstore -a Cardano-based NFT marketplace- is slowly gaining attraction as its trend greens till date.
Despite the distressed market conditions, buyers in the third quarter of the year have shown “relentlessness.”
Even though report stated that the unique buyers metric has halved since its high early this year.
From the end of the second quarter to the end of q3, a slight increase in the number of unique buyers was observed.
Around 9.5 million transactions were recorded in January this year, following which the figures gradually declined.
However, the number of transactions gained traction in September, with around 7.2 million, after an initial slowdown in July and August, with 5.4 million and 5.1 million, respectively, cryptopotato revealed.