May 16, 2024 - Economy

🖼️ OpenSea third in volume, first in traders

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Illustration: Brendan Lynch/Axios

If there's one name the average person knows from the 2021 NFT boom, it's OpenSea, the original NFT marketplace.

The latest: OpenSea has fallen to third place in terms of volume, according to DappRadar, a web3 statistics site.

  • Yes, but: OpenSea is still No. 1 in users, a fact that company CEO Devin Finzer emphasized when he talked about OpenSea's strategy.

Why it matters: OpenSea looked invincible when NFTs were the talk of everywhere, which just goes to show how quickly things move on blockchains.

Between the lines: Blur is the No. 1 marketplace by volume, by DappRadar's accounting, and Magic Eden has moved into the second spot.

  • Magic Eden got its start on the Solana blockchain, but it has taken a multichain strategy. It now also lists assets on Polygon, Base and Bitcoin.
  • In fact, Magic Eden is the biggest marketplace for the new Bitcoin protocol Runes (which are fungible tokens, not NFTs).

What we're watching: The NFT market is still doing more than $30 million per week in volume, so it's not dead, but the market is dominated by sophisticated traders these days.

  • If OpenSea remains the default place to go for the small-time trader or hobbyist, it will be interesting to see if trends reverse the next time there's a craze for digital items.
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