OpenSea’s market share and market capacity rebounded due to Blur’s poor performance

CoinRank News: At the beginning of 2022, OpenSea accounted for around 97% of Ethereum NFT market transaction volume. Just two years later, the platform seemed to shrink in the face of fierce competition, with its market share falling to just below 20%, and even falling to 13% in the summer of 2024. However, in the 10 months since then, OpenSeas share of Ethereum NFT market transaction volume has steadily climbed and now exceeds 51%. However, analysts believe that OpenSeas return in market share and market capacity is not because the OpenSea protocol itself has performed well, but because its main competitor Blur has performed poorly on a relative competitive basis. (The Block)