Several NFT exchange platforms, including OpenSea, UniSwap, MagicEden, eBay, and others are integrating NFT aggregation tools in order to compete for a larger share of the evolving NFT ecosystem.
The DappRader Group’s “Dapp Industry Report for Q2” 2022, among other things, predicts that an emerging non-fungible token (NFT) platform conflict may be on the verge.
DappRadar stated, “These acquisitions will most likely pit OpenSea and UniSwap in direct competition with each other in the near future.“ Outside the crypto world, however, both OpenSea and UniSwap are faced with challenges from other companies. In an attempt to expand its digital product offering and capabilities in the NFT sector, eBay recently acquired Ethereum-based, digital art market KnownOrigin.
Increasing competition from NFT platforms has put the business at risk. According to the report, the firm’s market share has been eroded by rivals such as Magic Eden, LooksRare, and X2Y2.
OpenSea has around 1.5 million active users, according to CNBC in April. DappRadar reveals that OpenSea gained 66.03 thousand new users in the previous 30 days, whereas MagicEden lost 272.97 thousand.
The data from DappRadar says that MagicEden handled 14.1 million transactions in the last thirty days, while OpenSea only 955.69 thousand. “This quarter, Magic Eden accounts for 10% of all NFTs transactions,” the report added.
In recent times, Meta announced the shutdown of its Novi wallet after a 10-month test. The average cost of Ethereum gas fees has dropped to its lowest level since 2020. Also, in NFT news, experts have discussed how music NFTs will strengthen the relationship between their creators and followers.