In early 2022, OpenSea dominated the Ethereum NFT marketplace with a staggering 97% market share. Just two years later, the platform appeared to be in serious decline due to intense competition. Its share plummeted to 20%, and by summer 2024, even dropped as low as 13%.

However, over the past 10 months, OpenSea has steadily regained ground. As of now, the platform holds more than 51% of the Ethereum NFT market by trading volume—a dramatic turnaround that has caught the attention of the crypto community.

OpenSea’s Rise Fueled More by Blur’s Fall Than Its Own Success

This “comeback” in market dominance, however, seems to be driven less by OpenSea’s achievements and more by the ongoing struggles of its main competitor, Blur.

Since reaching its peak trading volume in December 2024, Blur has seen its monthly volumes decline consistently, dropping by an average of 55% month over month. This sustained downturn has created a vacuum that OpenSea has gradually filled.

In contrast, OpenSea’s trading volume has been more volatile during the same period. Between December and January, the platform experienced a 48% drop in volume. Yet in February, it saw a surprising 20% rebound, likely fueled by the announcement of the SEA token, which generated renewed interest and activity.

March: Trouble for Both Marketplaces

Despite OpenSea’s recent recovery, March brought challenges for both major NFT platforms. According to recent data:

OpenSea’s trading activity dropped by 67%
Blur saw a 62% decline in volume

This simultaneous downturn indicates that the broader NFT market remains under pressure, with reduced activity and investor caution impacting all players, regardless of previous momentum.

A New Chapter for the NFT Ecosystem?

While OpenSea’s market share is now well above the 50% threshold, the platform’s journey is far from over. With Blur facing an ongoing slide and the NFT market in flux, OpenSea is positioned to reassert its leadership—but it must capitalize on this momentum to ensure long-term dominance.

Whether this recent resurgence is a sign of strategic growth or simply an opportunistic gain from a competitor’s weakness, remains to be seen. One thing is clear: in the constantly evolving world of NFTs, market share is always up for grabs, and adaptability is everything.

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Madeline

I have been drawn to technology and science fiction since I was a child. Studying IT has drawn me to the world of cryptocurrencies, where I have been working since 2014. I have learned a lot since then. And I still have a lot to learn. What fascinates me most about them is that they connect so many worlds together and the possibility of free choice. Without limits.