Blur’s decline fuels OpenSea’s market share surge amid broader NFT struggles
Quick Take The broader NFT market has suffered severe declines over the past three months, with both OpenSea and Blur experiencing significant drops in trading volume, highlighting the sector’s overall struggles. The following is an excerpt from The Block’s Data and Insights newsletter.
At the beginning of 2022, OpenSea’s share of Ethereum NFT marketplace volume stood at a dominating around 97%. Just two years later, the platform seemed to have dwindled amid fierce competition as its market share fell to just under 20%, even falling as low as 13% in the summer of 2024.
In the 10 months since, however, the OpenSea market share of Ethereum NFT marketplace volume has steadily climbed and is standing at over 51% as of the time of writing. As impressive as this comeback story looks at face value, it does not tell the whole story.
OpenSea's "comeback" in terms of market share for marketplace volume is less about the OpenSea protocol itself doing well and more about its main competitor, Blur, underperforming on a relatively competitive basis.
Since its latest peak in December 2024, Blur’s monthly NFT volume has declined consistently, with an average monthly rate of decline of 55%. Over the same period, OpenSea's monthly NFT volume has been more varied. It declined by 48% from December to January but then increased by 20% in February, likely due to the announcement of its SEA token.
It is worth pointing out that both OpenSea and Blur saw similar month-over-month declines in March, with the former down 67% and the latter down 62%.
The takeaway is that Ethereum NFT volumes have declined significantly over the last three months, with the entire sector performing horribly. OpenSea’s resurgence in terms of market share, while somewhat notable, is likely due to Blur’s competitive relative underperformance and should not mask either platform's woes or overemphasize their "wins."
This is an excerpt from The Block's Data Insights newsletter . Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Strategic Value of Systems and Business Analysts in Bridging Vision-to-Implementation Gaps in Tech-Driven Businesses
- Systems and Business Analysts (BA/SA) bridge tech strategy-execution gaps through structured methodologies and agile frameworks. - Their stakeholder analysis and data-driven solutions reduce project risks while aligning organizational priorities. - Case studies show BA/SA-driven approaches deliver measurable ROI, including 20% revenue growth and 30% cost reductions. - Agile frameworks enable rapid iterative delivery, as seen in John Deere's 125% output increase and 40% faster time-to-market. - Human capi
Shiba Inu and the Legal Divide: How Quebec's Civil Law Framework Reshapes Crypto Transparency and Investor Trust
- Quebec's civil law framework enforces crypto transparency via mandatory UBO disclosures and AMF oversight, boosting SHIB's institutional legitimacy. - Unlike fragmented common law jurisdictions, Quebec's legal clarity attracts 40% more institutional capital to crypto assets like SHIB compared to U.S. markets. - SHIB's 2025 price volatility (7.27% 30-day swing) highlights risks in common law markets, while Quebec's ESG-aligned transparency model stabilizes investor trust. - Investors are advised to priori
MAGACOIN FINANCE: The 2025 Bull Market Breakout with 18,000% ROI Potential
- MAGACOIN FINANCE emerges as a 2025 altcoin contender with Bitcoin-like scarcity and Ethereum-based deflationary mechanics. - Its 12% transaction burn rate and 170B token cap create supply-driven value, verified by HashEx and CertiK audits. - Whale investments and presale progress signal strong institutional confidence, with analysts projecting 18,000% ROI potential. - Unlike SHIB, its structured tokenomics and scarcity model position it to outperform in a market prioritizing fundamentals over virality.
XRP's Emerging Role in Institutional Portfolios: Gumi’s $17M Strategic Move and Its Implications
- Tokyo-based Gumi Inc. invested $17M in XRP to expand blockchain financial services, pairing it with Bitcoin staking for a dual-asset strategy. - XRP’s sub-5-second settlements and $0.0004 fees drive institutional adoption, with RippleNet processing $1.3T in Q2 2025 and 300+ financial partners. - SEC’s XRP commodity reclassification and 45+ new Ripple partnerships boost adoption, while ETF inflows and regulatory clarity project $2.50–$5 price targets. - Emerging rivals like Remittix challenge XRP’s domina
Trending news
MoreCrypto prices
More
