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As the entire NFT space is in turmoil, the decline of Blur has driven a surge in OpenSea's market share.
Source: The Block
In the past three months, the broader NFT market has experienced a significant decline, with trading volumes on OpenSea and Blur notably decreasing, highlighting the overall predicament of the industry.
The following is an excerpt from The Block Data and Insights newsletter.
At the beginning of 2022, OpenSea held a dominant position in the Ethereum NFT market with nearly 97% of the trading volume. However, just two years later, the platform appears to have declined due to fierce competition, with its market share dropping below 20%, and even falling to 13% in the summer of 2024.
However, in the following 10 months, OpenSea's market share in Ethereum NFT market trading volume steadily increased, exceeding 51% as of the time of writing. Although this recovery story seems impressive, it does not fully reflect the overall market situation.
OpenSea's "recovery" in market share is more related to the relatively poor performance of its main competitor Blur, rather than the good performance of the OpenSea protocol itself.
Since the latest peak in December 2024, Blur's monthly NFT trading volume has been consistently declining, with an average monthly decrease rate of 55%. During the same period, OpenSea's monthly NFT trading volume has fluctuated significantly, dropping by 48% from December to January, but rising by 20% in February due to the announcement of the SEA token.
It is worth noting that in March, the month-on-month decline of OpenSea and Blur was similar, with the former decreasing by 67% and the latter by 62%.
Overall, the trading volume of Ethereum NFTs has significantly decreased over the past three months, and the performance of the entire industry has been quite poor. While OpenSea's recovery in market share is noteworthy, it is likely due to Blur's relatively poor performance, and it should not overshadow the challenges both platforms are facing, nor should it overly emphasize their "victories."