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NFT platform wars may be on the horizon, says new report from DappRadar

DappRader's "Dapp Industry Report Q2 2022" makes many points, one of which is that the non-fungible token (NFT) platform wars may be on the horizon.

The report, provided to Cointelegraph, talks about UniSwap’s recent acquisition of Genie and OpenSea’s acquisition of Gem to expand their respective services to include NFT aggregation tools that “collect NFT offers from various trading platforms.” Meanwhile, newer platforms like Magic Eden and X2Y2 continue to absorb OpenSea’s current 75% NFT market dominance.

“These acquisitions are likely to put OpenSea and UniSwap into direct competition in the near future,” DappRadar said. “While OpenSea and UniSwap are well-established entities in the crypto space, they both also face competition from outside the crypto industry. eBay recently acquired KnownOrigin, an Ethereum-based digital art marketplace, to further expand its digital offerings and capabilities in the NFT space.

OpenSea faces increasing competition from NFT platforms from different blockchains. The report said the company "decreased its market share with the arrival of competitors such as Magic Eden, LooksRare and X2Y2."

CNBC reported in April that OpenSea had "more than 1.5 million active users." According to current data from DappRadar, the platform has added 66,030 users in the past 30 days, compared to MagicEden’s 272,970. Data from DappRadar also shows that in the past 30 days, MagicEden generated 14.1 million transactions, while OpenSea generated only 955,690 transactions. The report also states that “Magic Eden accounted for 10% of all NFT transactions this quarter.”

In recent news, Meta announced the closure of the Novi Wallet after a 10-month pilot project. The average cost of Ethereum gas fees recently dropped to its lowest level since 2020. Also in NFT News, experts explain how NFT music will strengthen the bond between creators and fans.

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