Among several points, DappRader’s DappRader Industry Report has raised the notion that a non-fungible token platform (NFT) war may be on the horizon.
The report, which was submitted to Cointelegraph, talks about how UniSwap recently acquired Genie and OpenSea in a bid to expand their respective services to include NFT aggregators, which “pool NFT offerings from different exchanges.” Meanwhile, newer platforms such as Magic Eden and X2Y2 continue to benefit from OpenSea’s current control of 75% of the NFT market.
DappRadar stated, “OpenSea and UniSwap acquisitions are likely to compete with each other in the near future.” Although OpenSea and UniSwap are two well-established entities in the crypto space, they face competition from outside the crypto industry as well. eBay recently acquired the Ethereum-based digital art market KnownOrigin in an effort to expand its digital product offerings and NFT capabilities.
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OpenSea has faced increasing competition with emerging NFT platforms across many blockchains. The report stated that the company “has seen its market share shrink with the arrival of competitors such as Magic Eden, LooksRare and X2Y2.”
CNBC reported in April that OpenSea had “more than 1.5 million active users”. According to current data from DappRadar, the platform has added 66.03 thousand users in the past 30 days, compared to MagicEden’s 272.97 thousand. The same DappRadar data shows that MagicEden has had 14.1 million transactions in the last thirty days and OpenSea has only 955.69 thousand. The report also stated that “Magic Eden this quarter represented 10% of all NFTs transactions.”
In recent news, Meta has indicated that its Novi Wallet is shutting down after a 10-month beta program. The average cost of Ethereum gas fees recently dropped to its lowest level since 2020. Also in the NFT news, experts explained how NFTs will enhance the connection between creators and fans.