DappRader’s Dapp industry report for Q2 2022 elevated, among many points, the concept that an approaching non-fungible platform war might be coming.
The report, that was presented to Cointelegraph, spoke of methods UniSwap lately acquired Genie and OpenSea purchased Jewel in order to expand their particular services to incorporate NFT aggregation tools, which “accumulate NFT offers from various buying and selling platforms”. Meanwhile, newer platforms for example Magic Eden and X2Y2 still originate from OpenSea’s current 75% NFT marketplace dominance.
Dappradar mentioned “These acquisitions will likely pit OpenSea and UniSwap in direct competition with one another within the near future“. Although OpenSea and UniSwap are very well-established entities inside the crypto space, both of them face competition from outdoors the crypto industry too. eBay lately acquired the Ethereum-based, digital art market KnownOrigin in order to further expand its digital product offering and abilities within the NFT space.
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OpenSea has faced growing competition with NFT platforms emerging across various blockchains. The report mentioned that the organization “has seen its share of the market reduced with the appearance of contenders perfectly Eden, LooksRare, and X2Y2.”
CNBC reported in April that OpenSea had “more than 1.5 million active users.” Based on current data from DappRadar, the woking platform added 66.03k users within the last four weeks, when compared with MagicEden’s 272.97k. Exactly the same DappRadar data also shows MagicEden had 14.1M transactions within the last four weeks and OpenSea had only 955.69k. The report also mentioned, “This quarter Magic Eden makes up about 10% of NFTs transactions.”
In recent news, Meta signaled the closure of their Novi wallet following a 10-month pilot program. The average price of Ethereum gas charges lately fell towards the cheapest they’ve been since 2020. And in NFT news, experts have described how music NFTs will enhance the bond between their creators and fans.
