On October 20, Binance Market Pulse report was released that showed a slow and steady change in NFT marketplace leadership. OpenSea is still dominant in terms of users and volume, but Ethereum-based exchanges X2Y2 and Looksrare have been gaining their share of the market from summer 2022 onwards. The NFT market is slowly shifting from monopoly to oligopoly as mentioned in the report.
The report also pointed out that OpenSea is facing competition when it comes to Solana-based NFTs: its native marketplace Magic Eden is a “close second” to the OpenSea exchange.
Magic Eden NFT marketplace recently introduced optional royalties on the platform, following a similar move by the Ethereum-based marketplace X2Y2 in August. And it seems like a really great feature as the market has been shifting this way for a while now.
Although OpenSea has been establishing partnerships with large companies outside of crypto, like Warner Music, figures speak for themselves. We continue to observe.
This is an update to this article.
