- OpenSea’s market share jumped from 25.5% to 71.5% in 4 weeks.
- Day by day transactions greater than doubled post-announcement.
OpenSea has regained dominance within the Ethereum NFT market, capturing 71.5% of the market share this previous week. 4 weeks in the past, it held solely 25.5%, with Blur main the house. The surge aligns with OpenSea’s announcement of its long-awaited native token, $SEA, on Feb. 13.
Because the announcement, OpenSea’s each day buying and selling quantity has surged, averaging $17.4 million. That is almost 5 instances its pre-announcement common of $3.47 million. Day by day transactions additionally greater than doubled, rising from 6,100 to 14,700 trades. Most of this development occurred final week, as OpenSea’s market share jumped from 42.4% to 71.5%, taking quantity away from Blur.
Regardless of this momentum, OpenSea has confronted challenges with its incentive rollout. The platform paused its XP-based rewards system following criticism from customers. Many argued the system inspired wash buying and selling and prioritized charge manufacturing over actual engagement. In response, OpenSea launched “XP shipments,” a brand new rewards mannequin targeted on early adopters of its OS2 market.
OpenSea Refines Rewards System
Customers who supplied suggestions on Discord acquired the primary batch of XP rewards. A second spherical is being distributed to those that bought NFTs on OS2. Moreover, XP multipliers can be found for customers who held top-volume NFT collections for over three months. This shift goals to advertise sustainable participation slightly than synthetic buying and selling exercise.
The SEA token stays largely undisclosed, however OpenSea confirmed that U.S. customers qualify for the airdrop. Allocation will rely upon previous platform exercise, benefiting merchants who have been lively throughout the 2021 NFT bull run. This might present a significant incentive for long-time customers to return and interact with the platform.
{The marketplace} stays targeted on rewarding consumers and holders slightly than merchants in search of to take advantage of the system. As competitors with Blur continues, OpenSea’s potential to refine its rewards mannequin will likely be essential in sustaining its regained market share.
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