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Analysis: Although OpenSea's market share has seen a Rebound, the overall performance of NFTs has still not escaped difficulties.
PANews reported on April 5 that, according to The Block, at the beginning of 2022, OpenSea's share of the trading volume of the Ethereum NFT market was as high as about 97%. Just two years later, the platform appears to have shrunk amid stiff competition, with its market share dropping to just under 20%. However, in the 10 months since, OpenSea's share of the Ethereum NFT market's trading volume has steadily climbed and now exceeds 51%. However, the analysis believes that OpenSea's market share seems to be recovering, but not because the OpenSea protocol itself is performing well, but most likely because its main competitor Blur is not performing well on a relatively competitive basis. Since reaching its latest peak in December 2024, Blur's monthly NFT trading volume has been consistently declining, with an average monthly decline rate of 55%. Over the same period, OpenSea's monthly NFT trading volume changed even more, dropping by 48% from December to January. It's worth mentioning that Ethereum NFT trading volumes have dropped significantly over the past three months, and the industry as a whole has performed poorly.