OpenSea Dominates Ethereum NFT Market, Captures 71.5% Share

Opensea, the leading marketplace for non-fungible tokens (NFTs), has taken a dominant 71.5% share of the Ethereum NFT market over the past week.

Non-fungible token (NFT) marketplace Opensea has captured an impressive 71.5% share of the total Ethereum NFT market over the past week, a significant increase from the 25.5% market share it held four weeks ago, as reported by The Block.

This remarkable surge in market dominance comes largely at the expense of Blur, whose share in the total NFT volume declined during the same period.

Coinciding with the announcement of the SEA token on the Opensea platform, the average daily NFT trading volume on the platform has also seen a substantial increase. Prior to the token announcement on February 13, Opensea's average daily NFT trading volume stood at $3.47 million. Following the announcement, this average surged to $17.4 million, marking a significant rise in trading activity on the platform.

Furthermore, the number of transactions processed by Opensea also saw a dramatic increase. In the five days leading up to the token announcement, Opensea processed an average of 6,100 transactions per day. This number rose sharply to an average of 14,700 transactions per day following the token announcement.

While specific details about the SEA token have not yet been fully disclosed, it has been confirmed that U.S. users will be eligible to participate in the airdrop. Additionally, past activity on the platform will be taken into account for the airdrop allocation, potentially favoring those who were actively using Opensea during the NFT boom in 2021.