OpenSea’s dominance shrank 23% in 2022

1 year ago

CryptoSlate looked into Glassnode information to measure OpenSea’s show successful 2022 and revealed that the marketplace’s dominance fell to 33% from 50% successful January.

At the opening of the year, OpenSea corresponded to 20% of the full Ethereum (ETH) state usage. This percent declined passim the twelvemonth to spot 9%. The marketplace’s NFT transportation number besides recorded a 25% alteration successful 2022.

NFT transactions by share

The illustration beneath represents the fig of transactions successful the Ethereum web successful narration to the transactions that interact with NFTs by calculating a stock percentage.

This metric includes some ERC721 and ERC1155 token declaration standards that transacted connected large NFT marketplaces — OpenSea, LooksRare, Rarible, and SuperRare. The information starts from the opening of the twelvemonth and represents the shares of each NFT marketplace with a circumstantial color.

The pinkish areas correspond the starring NFT marketplace OpenSea. It tin beryllium seen that OpenSea started the twelvemonth astatine astir 50% marketplace dominance. However, the marketplace’s dominance started to diminish astatine the extremity of May, and it ended the twelvemonth astatine astir 33%.

NFT transportation count

The NFT transportation number connected marketplaces represents the fig of NFT transfers facilitated by being paid with ETH oregon Wrapped Ethereum (wETH). This metric lone includes information from OpenSea and LooksRare, starting from the opening of the year.

A akin diminution successful OpenSea’s relationship is besides disposable successful this metric. According to the data, OpenSea started the twelvemonth with astir 80,000 transfers and gradually declined passim the year. As of Dec. 31, OpenSea facilitates astir 60,000 transfers, marking a 25% alteration successful volume.

Gas usage by NFTs

The state usage by NFTs metric calculates a percent stock that represents the comparative magnitude of state consumed by the Ethereum web owed to transactions interacting with NFTs.

OpenSea’s diminution tin beryllium seen from its state usage stock arsenic well. The marketplace started the twelvemonth by corresponding to 20% of the full state usage and recorded a crisp diminution to extremity it with 9%.

The station OpenSea’s dominance shrank 23% successful 2022 appeared archetypal connected CryptoSlate.

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