NFT platform wars could be ahead, says new DappRadar report

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DappRader’s Dapp Industry Report for Q2 2022 raised the idea, among several points, that an upcoming irreconcilable platform war could be on the horizon.

Reports provided to Cointelegraph described how UniSwap recently acquired Genie and OpenSea bought Gem in an effort to expand their respective services to include NFT aggregation tools, which are “linked to a variety of trading platforms.” NFT submits offers”. Meanwhile, newer platforms like Magic Eden and X2Y2 continue to take over from OpenC’s existing 75% NFT marketplace dominance.

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“These acquisitions will put OpenC and UniSwap in direct competition with each other in the near future,” Dappadar said. Although OpenSea and UniSwap are well established entities in the crypto sector, they both also face competition from outside the crypto industry. eBay recently acquired Ethereum-based, digital art market NonOrigin in an effort to expand its digital product offering and capabilities in the NFT space.

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OpenSea has faced increasing competition with NFT platforms emerging in various blockchains. The report added that the company “sees its market share eroding with the arrival of contenders such as Magic Eden, LuxRay 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 66.03k users in the last 30 days, while MagicEden has 272.97k users. The same DappRadar data also shows that MagicEden had 14.1M transactions in the last thirty days and OpenSea had only 955.69k. The report also said, “Magic Eden accounted for 10% of all NFT transactions this quarter.”

In recent news, Meta indicated the closure of its Novi Wallet after a 10-month pilot program. The average cost of Ethereum gas fees recently fell to its lowest since 2020. Also in NFT News, experts have explained how Music NFT will enhance the connection between its creators and fans.