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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