tl;dr
OpenSea, a major NFT marketplace, is facing a significant challenge with its daily trading volume in ETH NFTs, which has dropped to its lowest point since May 2021, hovering around 600 ETH per day. OpenSea hit a record low in monthly sales volume for April, with figures at just $97 million. The decl...
OpenSea, a major NFT marketplace, is facing a significant challenge with its daily trading volume in ETH NFTs, which has dropped to its lowest point since May 2021, hovering around 600 ETH per day.
OpenSea hit a record low in monthly sales volume for April, with figures at just $97 million.
The decline contrasts with Blur's rapid ascent in the NFT market, with Blur seizing 78.7% of all NFT transactions in the past week.
OpenSea's user base is declining, with active users dropping to 74,113 in April, leading to a significant decrease in transaction volumes.
In a bid to regain market dominance, OpenSea cut its transaction fees to zero in April.
Meanwhile, Blur has held over 70% of Ethereum's daily NFT trading volume, partly due to offering better liquidity conditions and user incentives.
This battle underscores the importance of innovative strategies and user incentives in the competitive NFT space.
OpenSea, a non-fungible token (NFT) marketplace, faces a significant challenge with its daily trading volume in ETH NFTs. This volume has dropped to its lowest point since May 2021, with figures currently hovering around 600 ETH per day.
OpenSea hit a record for the lowest monthly sales volume since the initial NFT bull market surge. Analysis from a Dune Analytics dashboard shows that OpenSea’s NFT sales for April ended at just $97 million.
The decline in OpenSea’s sales sharply contrasts with Blur’s rapid ascent in the NFT market.
While OpenSea struggles, Blur has seized 78.7% of all NFT transactions in the past week, leaving OpenSea with just 21.3% of the market volume.
Its user base is sharply declining, directly impacting its transaction volumes. This April, the number of active users dropped to 74,113—an 8.19% decrease from March’s 80,727 active users.
This reduction in active participants has led to a significant decrease in transaction volumes, with only 110,000 NFTs traded over the last 25 days, marking the lowest monthly total since June 2021.
In a bid to reclaim market dominance, OpenSea cut its transaction fees to zero in April.
Meanwhile, following an aggressive airdrop of 12% of its BLUR tokens to traders on February 14, Blur has held more than 70% of Ethereum’s daily NFT trading volume.
As OpenSea strives to regain its footing, the ongoing battle with Blur underscores the importance of innovative strategies and user incentives in the highly competitive and rapidly evolving NFT space.
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