It’s OpenSea-son for NFT marketplace, with X2Y2, Magic Eden and even LooksRare joining in on the hunt! While there were signs that OpenSea’s dominance was already slipping, no one questioned its hold over the top spot, and certainly no one predicted how it would lose its crown in such an abrupt and complete manner…
Source: DappRadar; Snapshot taken 27 June 2022
OpenSea only managed to amass slightly over $18M in total volume in the past 7D, a far, far cry from the ~$500M weekly volume it was pulling in just 3 months ago, and almost unbelievable when compared to >$1B weekly volume in the beginning of this year. Sure, a large part of this could be chalked up to a slumping market but there’s more than just macroeconomic factors at play here for OpenSea. Its latest weekly volume is only a quarter of Magic Eden’s ($76M), and even less when compared to X2Y2’s $138M. Even LooksRare managed to put up a higher weekly volume than OpenSea, knocking the previous king of NFT marketplaces down to the #4 spot.
From the ashes of OpenSea and the NFT market, Magic Eden and X2Y2 have emerged as the new frontrunners for NFT trading. Magic Eden is riding on the rising popularity of Solana NFTs to surge ahead of the pack. X2Y2 on the other hand has managed to somehow pull in users from its rivals on Ethereum, cementing itself as the #1 marketplace for the third consecutive week…but is this achievement sustainable?