NFT platform wars could be ahead, says new DappRadar report

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DappRader’s Dapp trade report for Q2 2022 raised, amongst many factors, the concept that an upcoming non-fungible platform battle could possibly be on the horizon.

The report, which was supplied to Cointelegraph, spoke of how UniSwap recently acquired Genie and OpenSea purchased Gem in an effort to increase their respective providers to incorporate NFT aggregation instruments, which “accumulate NFT affords from numerous buying and selling platforms”. In the meantime, newer platforms corresponding to Magic Eden and X2Y2 proceed to take from OpenSea’s present 75% NFT market dominance.

Dappradar said “These acquisitions will most certainly pit OpenSea and UniSwap in direct competitors with one another within the close to future“. Though OpenSea and UniSwap are well-established entities throughout the crypto house, they each face competitors from exterior the crypto trade as effectively. eBay recently acquired the Ethereum-based, digital art market KnownOrigin in an effort to additional increase its digital product providing and capabilities within the NFT house.

Related: NFT hype evidently dead as daily sales in June 2022 dip to one-year lows

OpenSea has confronted rising competitors with NFT platforms rising throughout numerous blockchains. The report said that the corporate “has seen its market share diminished with the arrival of contenders like Magic Eden, LooksRare, and X2Y2.” 

CNBC reported in April that OpenSea had “greater than 1.5 million lively customers.” In keeping with present knowledge from DappRadar, the platform added 66.03k customers within the final thirty days, in comparison with MagicEden’s 272.97k. The identical DappRadar knowledge additionally reveals MagicEden had 14.1M transactions within the final thirty days and OpenSea had only 955.69k. The report additionally said, “This quarter Magic Eden accounts for 10% of all NFTs transactions.”

In latest information, Meta signaled the closure of its Novi wallet after a 10-month pilot program. The average cost of Ethereum gas fees recently fell to the bottom they’ve been since 2020. Additionally in NFT information, experts have explained how music NFTs will enhance the connection between their creators and followers.