Analysis: Although OpenSea’s market share has rebounded, NFT’s overall performance is still in trouble

PANews reported on April 5 that according to The Block, in early 2022, OpenSea accounted for about 97% of Ethereum NFT market transaction volume. Just two years later, the platform seemed to shrink in the fierce competition, and its market share fell to just below 20%. However, in the 10 months since then, OpenSea’s share of Ethereum NFT market transaction volume has steadily climbed and now exceeds 51%. However, analysts believe that OpenSea’s market share seems to be recovering, but not because the OpenSea protocol itself is performing well, it is likely due to the poor performance of its main competitor Blur on a relative competitive basis. Since reaching its latest peak in December 2024, Blur’s monthly NFT transaction volume has continued to decline, with an average monthly decline rate of 55%. During the same period, OpenSea’s monthly NFT transaction volume has varied more, falling 48% from December to January. It is worth mentioning that Ethereum NFT transaction volume has fallen sharply in the past three months, and the entire industry has performed poorly.