Nifty News: OpenSea dominance fades, Azuki skateboards fetch $2.5M and more
Nonfungible token (NFT) marketplace Opensea has seen its competitors chomping at its ankles this year as they gain market share — turning the market from a “monopoly” into an “oligopoly," a new report states.
Binance Market Pulse released on Oct. 20 says there has been a slow and steady change in market leadership, noting that while OpenSea is still the dominant marketplace in terms of users and volume, Ethereum (ETH)-based exchanges X2Y2 and Looksrare have been gaining their share of the market over 2022.
The report also pointed out that OpenSea is facing stiff competition when it comes to Solana (SOL)-based NFTs, its most used native marketplace Magic Eden is a “close second” to the multi-chain OpenSea exchange.
It comes amid a possible sea-change across NFT marketplaces.
On Oct.14, the Solana-native NFT market Magic Eden opted to introduce optional royalties on its platform, following a similar move by the Ethereum-based marketplace X2Y2 in August.
It noted that the “market has been shifting towards optional creator royalties for awhile.”
Binance's Q3 report added that Ethereum overall still dominates holding 65% of the NFT volume market share at the end of the third quarter, but NFT buyers may be moving blockchains in search of profits or following the latest trends.
The data also shows Solana’s NFT sales volume increased by 13% in Q3 and Ethereum’s dropped by 16% since the end of the second quarter.
The Azuki NFT project has broken the record for the most expensive skateboard ever sold, with the highest bid for a limited-edition 24-karat gold-plated skateboard fetching 309 ETH, or $400,000.
A total of eight skateboards were sold through its new Physical Backed Token (PBT) technology, netting the project a total of $2.5
Read more on cointelegraph.com
