Bitcoin price today: rises to $116.5k on Trump 401k order, altcoins rally
Opensea, a leading marketplace for Ethereum-based non-fungible tokens (NFTs), saw a significant increase in its market share, capturing 71.5% of the Ethereum NFT marketplace volume over the past week. This marks a dramatic rise from its 25.5% share just four weeks ago, according to The Block’s Data & Insights newsletter.
The surge in market share primarily occurred in the last week, with Opensea’s share leaping from 42.4% to 71.5%, largely at the expense of its competitor Blur.
The notable increase in Opensea’s volume is attributed to the announcement of its own platform token, $SEA. Since the official announcement on February 13, Opensea has experienced a substantial uptick in trading activity, averaging $17.4 million in daily NFT trading volume. This is a significant boost compared to the $3.47 million average daily volume in the five days before the announcement.
The platform’s trading activity also reflected this growth, with an average of 14,700 transactions per day following the token’s unveiling. Prior to the announcement, the average was just 6,100 trades per day, indicating more than a doubling in transaction volume.
Details about the $SEA token are still limited, but it has been confirmed that U.S. users are eligible to participate. Additionally, historical usage of the Opensea platform will play a crucial role in determining the allocation of the token airdrop. This is particularly good news for users who were active on the platform during the peak NFT era in 2021.
Opensea’s resurgence and the introduction of its $SEA token are part of the broader trends shaping the digital asset ecosystem. As the industry evolves, the platform’s recent performance highlights the dynamic nature of the NFT marketplace and the impact of strategic developments such as the introduction of native tokens.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.