According to DappRadar, OpenSea may soon be involved in an NFT Marketplace "War."

According to DappRadar, OpenSea may soon be involved in an NFT Marketplace "War".

According to DappRadar, OpenSea may soon be involved in an NFT Marketplace "War."

According to DappRadar statistics, MagicEden had more transactions than OpenSea in the last thirty days.

The non-fungible token (NFT) market has suffered a significant drop in value in recent months, but marketplaces like OpenSea have maintained their supremacy in the industry despite the dramatic drop in the value of crypto. However, according to a recent industry research from blockchain analytics firm DappRadar, OpenSea's dominance may face growing pressure from a slew of stronger competitors in the coming months, a move that the report refers to as a "looming NFT marketplace war."

According to the report, UniSwap recently acquired Genie in order to extend its success from the non-custodial trade space to the NFT industry, while OpenSea purchased Gem in order to expand their respective services to include NFT aggregation tools that "accumulate NFT offers from various trading platforms." Meanwhile, other platforms like Magic Eden and X2Y2 continue to erode OpenSea's existing 75% NFT marketplace dominance.

"These purchases will most certainly throw OpenSea and UniSwap in direct rivalry with each other in the near future," DappRadar said.

The study also emphasizes how the rivalry is only going to become tougher, with eBay announcing its acquisition of KnownOrigin, a long-running NFT marketplace. While not a platform with large trade volume, KnownOrigin provides eBay with the ability to swiftly become a participant in the NFT industry.

OpenSea has added 66,030 users in the previous thirty days, compared to MagicEden's 2,72,970, according to DappRadar statistics. According to the same DappRadar statistics, MagicEden had 14.1 million transactions in the past thirty days, whereas OpenSea had just 955,690. According to the research, "this quarter Magic Eden accounts for 10% of all NFTs transactions."

In the past year, OpenSea has faced a number of challenges, including suspected "insider trading" by a former CEO and an exploit in which some customers' prized NFTs were mistakenly sold for below-market prices. However, the firm's latest efforts, such as purchasing Gem and creating its own marketplace protocol called Seaport, indicate significant leaps ahead for the marketplace.

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