DappRader’s Dapp trade report for Q2 2022 raised, amongst many factors, the concept that an upcoming non-fungible platform warfare may very well be on the horizon.
The report, which was offered to Cointelegraph, spoke of how UniSwap not too long ago acquired Genie and OpenSea bought Gem in an effort to develop their respective companies to incorporate NFT aggregation instruments, which “accumulate NFT offers from various trading platforms”. Meanwhile, newer platforms corresponding to Magic Eden and X2Y2 proceed to take from OpenSea’s present 75% NFT market dominance.
Dappradar acknowledged “These acquisitions will most likely pit OpenSea and UniSwap in direct competition with each other in the near future“. Although OpenSea and UniSwap are well-established entities within the crypto space, they both face competition from outside the crypto industry as well. eBay recently acquired the Ethereum-based, digital art market KnownOrigin in an effort to further expand its digital product offering and capabilities in the NFT space.
Related: NFT hype evidently dead as daily sales in June 2022 dip to one-year lows
OpenSea has faced increasing competition with NFT platforms emerging across various blockchains. The report stated that the company “has seen its market share diminished with the arrival of contenders like Magic Eden, LooksRare, and X2Y2.”
CNBC reported in April that OpenSea had “more than 1.5 million active users.” According to present information from DappRadar, the platform added 66.03k customers within the final thirty days, in comparison with MagicEden’s 272.97k. The identical DappRadar information additionally reveals MagicEden had 14.1M transactions within the final thirty days and OpenSea had solely 955.69k. The report additionally acknowledged, “This quarter Magic Eden accounts for 10% of all NFTs transactions.”
In current information, Meta signaled the closure of its Novi pockets after a 10-month pilot program. The common price of Ethereum fuel charges not too long ago fell to the bottom they’ve been since 2020. Also in NFT information, consultants have defined how music NFTs will improve the connection between their creators and followers.