Nifty News: OpenSea dominance fades, Azuki skateboards fetch $2.5M and more

Openseas dominance begins to waiver

Nonfungible token (NFT) marketplace Opensea has seen its competitors chomping at its ankles this year as they gain market share turning the market from a monopoly into an oligopoly, a new report states.

Binance Market Pulse released on Oct. 20 says there has been a slow and steady change in market leadership, noting that while OpenSea is still the dominant marketplace in terms of users and volume, Ethereum (ETH)-based exchanges X2Y2 and Looksrare have been gaining their share of the market over 2022.

The report also pointed out that OpenSea is facing stiff competition when it comes to Solana (SOL)-based NFTs, its most used native marketplace Magic Eden is a close second to the multi-chain OpenSea exchange.

OpenSeas market dominance in terms of volume peaked in May 2022 but has seen a decline since. Image: Binance