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According to a recent BitcoinCasinos.com report, the Open Sea NFT marketplace’s dominance shrunk by 25% in the year. This decline saw its market share drop to 33% and marked a pivotal moment for the future of NFTs.
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The platform has been the go-to NFT marketplace for many, but its domination is under increased pressure. According to Edith Reads, a BitcoinCasinos investments expert and long-time industry analyst, OpenSea’s hold is beginning to weaken. She explained:
“OpenSea was an innovator in the trading NFT space, and its success helped bring attention to the entire industry. However, it is becoming increasingly clear that its grip on the market is slipping as more competitors rise.”
A declining NFT transfer count has further compounded OpenSea’s woes. The site registered a 25% decline in the metric, falling from nearly 80K at the year’s start to roughly 60K by 31st December. The full story and statistics can be found here: Open Sea NFT Market Dominance Shrunk By 25% Throughout 2022 To Stand At 33%
