NFT marketplaces continue to struggle to attract more users and sales. Although their monthly volumes are still decent, the lower ETH price doesn’t necessarily spark a buying frenzy. Even so, no one can threaten OpenSea’s market position, although Blur puts up a valiant effort.
NFT Marketplaces Start To Compete Again Thanks To Blur
There are several crucial metrics to determine the current NFT industry’s health. One obvious option is to look at the primary KPIs of the non-fungible token marketplaces. The Dune dashboard here checks OpenSea, Genie, Gem, LooksRare, Blur, X2Y2, and “others” for volume, sales, unique users, etc. Every metric tells a story and will help determine how people today approach non-fungible tokens.
The good news is that there is a strong increase in ETH volume across all marketplaces. Although the value of Ether remains very wobbly, people still consider NFTs as an alternative investment option. That doesn’t mean non-fungible tokens make for good investments, as they will eventually lose value. However, in uncertain times, they can help keep portfolios afloat.
Compared to August 1st, the volume doubled in October 2022. It is a remarkable growth, given the bearish crypto market conditions. Interestingly, the volume on OpenSea declined slightly compared to September, as did the trading on “other” marketplaces. X2Y2 saw a healthy ETH volume increase, as did Gem and Blur. That is an intriguing development, especially with Blur noting monster volume in November (so far).
Unfortunately, that also means Genie has remained virtually invisible on the chart. Competition is direly needed among NFT marketplaces. However, it seems unlikely Genie will reach the levels of Gem, LooksRare, or Blur in the future. However, stranger things can happen in this industry. It will heavily depend on how people approach the NFT industryy moving forward.
Unique Users and Sales Drop Off
The unique users across NFT marketplaces and the overall sales are two other crucial metrics. October wasn’t a terrible month across the board, However, the unique users declined slightly – mainly on “other” platforms and OpenSea – whereas they increased spectacularly for Blur. That helps explain why that marketplace notes strong momentum in overall volume.
Moreover, the sales count on Blur notes tremendous growth, although Gem also noted an increase last month. November is a much quieter month for Genie, and LooksRare has almost disappeared, as has X2Y2. An interesting time for these trading platforms, as interest remains low.
Overall, OpenSea dominates with 64.5% of all sales and more than 72% of the users. It also represents nearly 60% of the total ETH volume per month. That is a very dominant market position that will prove tricky to disrupt. Even so, if Blur can sustain its growth, the competition will continue to heat up.
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