Opeasea’s dominance as the largest and most-used NFT trading platform may not last long.
A new report suggests the transition of a previously monopolistic non-fungible token market into an oligopoly.of Binance’s Market Pulse, NFTs had a bad quarter throughout the board in Q3 of 2022. While OpenSea is still the leading exchange, the biggest contender it is currently facing is Magic Eden as Solana NFTs pick up steam.The Ethereum-based NFT marketplace had ruled unopposed over the last year. Founded in 2017, the company grew astonishingly over the past year amid an NFT boom.
However, Ethereum remains the strongest blockchain with respect to NFT sales. It recorded a whopping 65% market share at the end of Q3. However, it is worth noting that the figure represents a 16% decrease from the end of Q2. NFT sales for Solana, on the other hand, have been on an uptrend.
Competition is always a good thing, without it there is no development and no motivation to grow. I hope the announced NTF collection rekt_wtf will also be able to compete with the better known ones.
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